Hong Kong retains rank three worldwide in terms of foreign currency reserves which showed a slight increase to 96.8 billion U.S. dollars at the end of March, the Hong Kong Monetary Authority said Thursday.

During the second quarter of 1996, the Company posted net earnings of $3,223,000, or $0.20 per share, compared with earnings of $3,943,000, or $0.25 per share, for the same period last year. Net earnings for the first half of 1996 reached $5,100,000, or $0.32 per share, compared with $11,710,000, or $0.76 per share, for the corresponding period in 1995.

A number of major investments made in the Saint-Michel-des- Saints OSB plant during the first quarter have begun to bear fruit. Forex St-Michel inc., OSB Division, will see a significant increase of approximately 30 percent in its production capacity to reach 450,000 cubic metres annually. Benefits will include a significant reduction in manufacturing costs along with a further increase in the quality of products bearing the FOREX ™.

DIVIDENDS

“Our sales figure is likely to hold steady and we expect our overall operations to turn in a good performance,” said Company President Jean-Jacques Cossette. “We are therefore pleased to announce a dividend payment of $0.10 for all outstanding shares effective at the closure of the Company records, dated August 2, 1996.”

At the end of February the territory’s foreign currency reserves stood at 96.7 billion dollars, the quasi central bank said.

The world’s largest foreign currency reserves are held by Japan with 223.6 billion dollars, followed by China which has reserves worth 140.6 billion dollars. Taiwan and Germany hold rank four and five, respectively.

posted by Administrator at 6:39 pm & filed under Euros |