March 30, 2004

Strong Lysine Sales Drives Global Bio-Chem's 2003 Profits Up 29%

Global Bio-Chem Technology Group Co., a producer of corn-based biochemical products in China, announced on Tuesday a 29% increase in net profits in 2003, driven by increased production capacity and strong selling prices for lysine.

For the year ended December 31, Global Bio-Chem said its net profit reached HK$520.8 million, up from HK$405.1 million in 2002. The results were in line with the average forecast from Thomson First Call for a net profit of HK$520.2 million.

Revenue rose to HK$2.33 billion from HK$1.66 billion in 2002.

During the year, the company increased its volume of lysine production to 40,000 metric tons from 32,000 tons in 2002.