Sincere to save expense of HK$30 mln

Sincere Company Limited (0244) managing director Philip K H MA said the company hoped to reduce the expense by HK$30 mln this year and a branch would be closed down in September, adding that the company has no lay-off plans for the time being. He pointed out that the company had HK$100 mln cash at hand and the debt was reduced by HK$400 mln from a year earlier. The debt-to-equity ratio is expected to drop to 35% this year.

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