FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of August, 2003
Commission File Number 000-50184
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Yantai Daihua Holdings Company Limited
(Translation of registrant's name into English)
East of Muping, Yantai, Shangdong, People's Republic of China
(Address of principal executive offices)
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Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________.
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RECORDED PROFITS FOR H1 2003
The Company announced on August 26, 2003 that its 85% owned subsidiary, Yantai
Dahua Paper Industry Co. Ltd., has recorded, on an un-audited basis, a net
profit of approximately US$200,000 for the first six months of 2003, versus a
net loss of approximately US$69,000 for the corresponding period of 2002.
Mr. Yuxiang Tang, Chairman of the Company, said, "The improvement to our bottom
line is the results of our cost saving measures that we put forward earlier.
Although the H1 revenue of approximately US$4.8 million is similar to what we
did in 2002, our operating costs has been substantially lowered with the full
operation of the 3,000 KW electricity generator in the second half last year.
"Looking forward, we expect our business volume to pick up handsomely in the
second half as our sales of paper is very seasonal with orders concentrated in
the summer and autumn months and that demand from our customers has been
increasing steadily," Mr. Tang added.
The Company owns an 85% stake in Yantai Dahua Paper Industry Co. Ltd. ("YPIL"),
which reported operating revenue of US$12.35 million, and net income of
US$986,088, for fiscal year 2002. YPIL also reported total assets of
US$20,541,135, and total shareholders equity of US$10,041,949, for the year
ending Dec. 31, 2002.
About the Company
The Company is engaged in, through its subsidiaries, the manufacturing and sales
of paper principally for printing and writing in China. It is a leading paper
manufacturer in Shandong, China and employs a total of 1,180 staff. The
Company's marketing teams distribute its products through six sales offices in
different parts of China to cater for its clientele of over 210 well-established
publishing houses, printing companies and other state-owned material supplies
companies. http://www.ydhcf.com .
Forward-Looking Statement
This press release contains certain forward-looking statements about plans and
objectives for future operations that involve a number of risk and uncertainties
relating to, among other things, the paper industry in China and general
economic conditions in China and the world. There can be no assurance that such
forward-looking statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
YANTAI DAHUA HOLDINGS COMPANY LIMITED
By:___________________________
Tang Yuxiang, Chairman and Chief Executive Officer
Date: August 29, 2003
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