02 03 letter to shareholders 04 despite volatile economic conditions brought about by the iraqi war and outbreak of severe acute respiratory syndrome sars sinopac holdings still managed record outstanding financial results in 2003 entering second year since it was listed may 2002 as a holding company started realize synergy merger embarked on its way achieve vision becoming leading institution pan pacific region world situation turned out be very dramatic for first half almost entire economy standstill with international trade domestic consumption bearing brunt saw easing impact which followed recovery market activities ntd appreciation against us dollar rebound bond yields face this change adjusted swiftly post nt 4 2 billion net income or 1 20 eps up over achievement once again upheld strength s
