ACS sales increased by 62 percent to HK$96.1 million for 2008 from HK$59.3 million for 2007
April 14, 2009
Hong Kong, 14 Apr, 2009 - Advanced Card Systems Holdings Ltd. (hereafter referred to as ACS), a company listed on The Hong Kong Stock Exchange (Stock Code: 8210), announced its annual results for the full year ended December 31, 2008. Advanced Card Systems Holdings Ltd. is the 100% shareholder of Advanced Card Systems Ltd (www.acs.com.hk). which has its headquarters in Hong Kong and is Asia Pacific’s top supplier of PC-linked smart card readers, according to Frost & Sullivan.
The year of 2008 was a year of growth for ACS, in sales revenue and in net profit. In 2008, the sales increased by 62% to HK$96.1 million from HK$59.3 million for 2007. The net profit after tax more than doubled to HK$9.7 million from HK$4.3 million.
ACS grew its business in all three broad lines of business, namely, smart cards, smart card readers, and design and consultation services. The regional breakdown indicates that Europe and Asia Pacific represented 60% and 25% of the sales of ACS in 2008 respectively with the 15% balance accounted for by The Americas, Middle East and Africa.
ACS launched new smart cards and smart card readers to the market in 2008. More new products are in the pipeline in 2009. The constant product innovation and technology advancement are propelling the growth of the company.
Asked to comment on the prospect of ACS in view of the world financial crisis and economic turnover, the Chairman Denny Wong said, “The nature of the current financial crisis and economic slowdown on a worldwide scale seems to be unprecedented in human history. Thus the potential impact cannot be fathomed presently. However, since a good percentage of ACS products is deployed in government projects all over the world, the impact to ACS should be less as it is not likely that governments themselves will take the lead to curtail their spending. Also ACS has been able to build long-term and close partnerships with customers by virtue of its culture of keeping promise, being reasonable to others and emphasizing on quality. A close partnership between ACS and a partner allows each party to save costs in doing business by making use of the strengths of the other party. Such partnership increases the capability of our partners and ACS to cope with the coming challenges. We are confident to be able to ride out the present world recession and to emerge as a stronger company afterwards”.
About ACS
Advanced Card Systems Ltd. (ACS, Hong Kong Stock Exchange: 8210), founded in 1995, Asia Pacific's top supplier of PC-linked smart card readers (Source: Research Report issued by Frost & Sullivan) is one of a select group of global companies at the forefront of the smart card revolution. ACS develops, and distributes a wide range of high quality smart card reading/writing devices, smart cards, and related security products to over 100 countries worldwide, facilitating an easier adoption of smart card applications in different industries. Visit ACS at www.acs.com.hk.