November 13, 2000
Excel Technology Announced Encouraging Results
For The Third Quarter Of 2000
Continued To Strengthen Product Offerings And Further
Extend Its Business Presence In Asia
| For the nine months ended
30th Sept, 2000
30th Sept, 1999
|Profit/ (loss) attributable to shareholders||
| Earnings per share
(November 13, 2000, HONG KONG) - Excel Technology International Holdings Limited ('Excel Technology'; stock code: 8048) is pleased to announce its third quarter results for the nine months ended September 30, 2000. During the period under review, Excel Technology achieved satisfactory financial results, also the Group has successfully launched new products and further extended its business operations to the PRC and Singapore.
Total sales of the Excel Technology continue
to increase over the last quarter with business growth seen in all major business
areas. During the period under review, the Group's turnover amounted to HK$104.7
million, representing a 55% increase over the corresponding period in 1999.
Profit attributable to shareholders is HK$10,155,000. The Directors do not
recommend the payment of dividend.
Total sales of the Excel Technology continue to increase over the last quarter with business growth seen in all major business areas. During the period under review, the Group's turnover amounted to HK$104.7 million, representing a 55% increase over the corresponding period in 1999. Profit attributable to shareholders is HK$10,155,000. The Directors do not recommend the payment of dividend.
Ms Peggy Chan, Chairman and CEO of Excel Technology, said, 'We are very happy to see that Excel Technology recorded profit during the period under review as compared to the loss last year, this is mainly because of our continuous efforts in developing innovative products, providing customers with excellent service in a market fully recognizing the values of E-solutions.
"Sales in e-Commerce related software, consulting service, systems integration service, resale of hardware and system software as well as maintenance services experienced a stronger than expected results, while sale of enterprise software products grew in a steadily manner. To capture a higher share of the packaged software business, we have re-allocated resources to step up the marketing and sales of the enterprise software. We believe revenue from this business stream will continue to grow and contribute to the Group's profit in our year-end financial results.'
On the other hand, during the period under review, Excel Technology puts valuable efforts in geographical expansion. The inauguration of the Group's first software centre in the PRC and the Singapore office in September strengthened the Group's presence in Asia Pacific and especially Greater China. Located in Shekou of Shenzhen, the software center started off with providing technical support to the Hong Kong team, with sales and marketing capability being added to penetrate the local market. The Singapore office was established to spearhead expansion into Southeast Asia. The Group is planning to establish a sales office in Beijing to coordinate sales and marketing efforts for the North China market.
i21 Limited, the Group's ASP associated company, has started to generate revenue from its iStock21 service, and is expected to pick up a significant number of customers with its iHR21 service launched in early November. i21 has also entered into business alliance with other medical solution companies and medical groups in pushing forward with its iClaims21 business.
i21 continues to record encouraging news. In October 2000, Excel Technology Hong Kong received the Microsoft Asia E-Commerce Solution of the Year Award for its pioneering work in developing the iHR21 software using the latest Microsoft DNA (Distributed Net Architecture) software technology which is designed for ASP applications. On top of this, the Group also won the custom development project of a treasury system for a regulatory body in Hong Kong and is in the process of contract negotiation with this client.
The Group will continue to strengthen its product offerings in the banking and financial industries so as to differentiate itself from the other software companies. The Excel MBS, the new enterprise software addressing the needs of treasury departments of banks and finance companies, represents another major thrust into this direction.
Ms Chan added, 'Our scope of expertise had expanded from banking to the insurance sector, one which has substantial growth potential. Excel Technology is commissioned by a regional insurance company to develop a medical insurance software iClaims21 service. This software will be expanded to form yet another new product, the Excel @surance, a general insurance and claims system to include general, medical, life, disability and other types of insurance and re-insurance.'
Ms Chan concluded, 'The Group is pushing its geographic expansion plan through with a number of initiatives, including the setting up of its own offices in strategic locations throughout Asia, actively looking into acquisition or joint venture opportunities, and developing business relationships with local business and technology companies. Last but not least, we will strive to bring the best returns to our shareholders.'
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