Malaysian TONG HERR RESOURCES BERHAD Released 2012 Annul Report

According to the annual report of the company, its 2012 revenue was USD 152 million, down 19.1% from USD 188 million of the previous year. Pre-tax profit was USD 9.19 million, down 39.2% from previous USD 15.12 million. Net asset was USD 122 million, down 2.4% from USD 125 million. The company analyzed that the drop of revenue and profit was due to the impact of EU investigation and circumvention measures in the second half of 2012. Despite that, the company still holds a positive view for this year, stating that the Myanmar branch launched in Q1 as well as the Thailand branch launched in Q2 will together enlarge capacity and product range. In addition, EU has terminated the anti-dumping investigation on Malaysia and Thailand, and subsequently the company forecasts that its sales in the European fastener marlet will turn stable and its profit will return to the satifactory level.