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| Introduction | ||
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Dr. Qin Xiao Chairman |
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2003, a significant year for China Merchants, when we made great progress in our - profitability. Current profits made in 2003 has for the first time overrun 3 billion Hong Kong dollars, turning out a historically high net-profit-margin-ratio of 11.86 per cent, which prominently reflects improved profitability. - profit-making structure. Current profits replaced elements as large valued incomes and large amount of written-offs to be the main source of profits made in 2003. - core businesses. Core business sectors have virtually turned into the hard core of the Group”¦s profits: sectors of port and port-related businesses, finance, toll highways, oil tanker fleet, and real estate development all witnessed great improvement in the past year. - investments. In 2003 we launched a new development strategy of mass investments, esp. in ports. We agreed to invest, as to increase our ports & harbours network in China, 4 billion RMB in Qingdao Qianwan Modern International Logistics Park, 2.4 billion RMB in Ningbo Daxie Container Terminals, and 2.1 billion RMB in Tianjin Container Terminals. Elsewhere in China, we acquired 5.5 square kilometres of land in Shenzhen and are planning to build a logistics park and a science & technology zone with it. Also, we had agreed to acquire two newly built 299,000 ton vessels which are to be delivered soon at the time of writing. All the investments and transactions are made in pursuance of a well-formulated strategic mission and are focused on our core businesses, which is vital to confirm our solidity and will build us sustainable strength to grow and expand. Realizing we are heading for a new era which bears opportunities we would never miss, we set our 2004 goal elaborately: to treasure the rare opportunities, make more efforts on achieving a rapid, steady, healthy and sustainable growth and make the era the ”§Third Golden Time”Ø in over 130 years. We believe that we could meet our goal and do a better job in 2004. Thank you so much for your ongoing concerns and supports.
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