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

Taipei, May 29, 2003 (CENS)--Tong Lung Metal Industry Co. said yesterday that the firm would reach revenue target of NT$1.83 billion for 2003, up 15% from 2002. The firm's after-tax earnings per share (EPS) is projected at NT$5.1, up 11% from the past year.

The world-level lock maker said that its debts would decline to only NT$2.24 billion as of the end of 2003, down 26% from 2002. Its debt ratio will also drop from 96% in 2002 to 70% this year.

Due to the shrinkage of capital, which now stands at only NT$603 million, the firm's net worth is expected to grow sharply to NT$15.12 per share in 2003, up 18.9 folds from 2002.

Meanwhile, Tong Lung Metal expects to raise NT$500 million by issuing new shares. The Hongkong and Shanghai Banking Corp., the largest shareholder of Tong Lung, is ready for the injection of relevant capitals.