Tri Ocean Textile eyes net EPS of NT$1.91 for 2003

Taipei, May 27, 2003 (CENS)--Tri Ocean Textile Co., Ltd., a local manufacturer of textured yarn listed on the Taiwan Stock Exchange, projected the net (after-tax) earnings per share (EPS) for this year at NT$1.91.

Tri Ocean Textile has extended its production from DTY (draw textured yarn) of polyester and nylon to PP (polypropylene) filament yarn. PP filament yarn, with a relatively high gross operating profit rate of 40%, has particularly become the largest source of the company's profit.

The company's shareholders, at the meeting for this year held on May 23, decided to distribute a dividend per share of NT$0.1 in cash for last year's operation and raise more capital by floating 20 million new shares at a price of NT$12.5 per share. The additional capital will be used to expand the firm's production capacity of PP filament yarn from 250 metric tons presently to 700 metric tons a month. The company expects to turn out 3,491 metric tons of PP filament yarn this year.

On the other hand, the shareholders also passed the company's 2003 financial projection as follows: revenue of NT$1.544 billion, net operating profit of NT$170 million, pretax profit of NT$172 million (up 200% from 2002), after-tax profit of NT$131 million (up 186%), and net EPS of NT$1.91. Of the net operating profit goal for this year, NT$130 million or 76.5% will come from sales of PP filament yarn.