(Hong Kong, December 18, 2000) Public housing construction specialist, Yau Lee Holdings Limited (SEHK:406) reported a profit increase of 123 per cent. from HK$11. million the previous interim to HK$25.6 million this year.

Chairman Wong Ip-kuen attributed the increase to cost control and successful diversification to new income sources.

Turnover rose from HK$ 860 million to HK$927 million during the period. Profit before taxation amounted HK$31 million.

Total value of construction contracts in hand amounted to HK$3,704 million including a new contract ("Development of TKO Area 73A Phase 2") awarded by the Housing Authority with a value of HK$470 million at Tseung Kwan O.

Mr Wong said, "We are looking for more opportunities in the construction and related sector. With the continuous recovery of the Hong Kong economy, a stable outlook is expected for the construction industry. Yau Lee Wah, our building components factory in Shenzhen, is making significant contribution to the company's result. A number of new products has been developed and should be marketed in the coming months."

VHSoft Technologies Co. Ltd. ("VHSoft"), Yau Lee's wholly owned subsidiary company, was launched earlier in July and is currently marketing construction related software and e-commerce platforms. The VHSoft operation is expected to start generating income from the next financial year.

Further information:
Choice Communication International Ltd
Anthony Yu tel: (852)2522 1133, (852) 93880188, anthony.yu@choice-pr.com

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