Yip’s Chemical announces FY2008-2009 results

Yip’s Chemical Holdings Ltd. in July released its report for the end of fiscal year 2008 to 2009. While the global economic slowdown affected its operations, it was able to deal with financial challenges via timely and decisive measures to deal with the challenges, including effective control on capital expenditure, reduction of receivables and inventories, expansion of the businesses which cater to China’s domestic demand and increasing investments in brand building, all of which led to an improvement of the quality of its earnings, company Chairman Tony Ip said. Yip’s Chemical had net cash of HK$369.13 million (US$47.63 million) in banks as at the end of the year. “After a most difficult third quarter, the Group’s overall core businesses have basically returned to normal. At the same time, the new management structure the Group implemented last year is now functioning seamlessly. This will continue to raise our standards of corporate governance and set a firm foundation for the long term healthy development of the enterprise,” Ip said in a statement. (July 3, 2009)