Tong Lung Metal eyes after-tax EPS of NT$5.1 for 2003

Taipei, May 23, 2003 (CENS)--Tong Lung Metal Industry Co. said yesterday that its revenue target was set at NT$1.83 billion for 2003, up 15% from 2002. The firm's after-tax earnings per share (EPS) was projected at NT$5.1, up 11% from 2002.

The local leading lock maker said that its debt would decline to NT$2.24 billion in 2003, down 26% from 2002. The debt ratio will also drop to 70% this year, down from 96% in 2002.

Meanwhile, the firm's net worth will also climb to NT$15.12 in 2003, a whopping growth of 18.9 folds from 2002. Its capital is now cut to only NT$603 million.

Tong Lung Metal will soon issue about 10.42 million new shares at a premium price of NT$48 per share. This will help the firm gain capital of some NT$500 million.