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Luoyang Glass may report 50% profit decline as competition grew
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Luoyang Glass Co., China's largest glassmaker, said it may report profit fell more than half last year because of increasing competition and rising costs of raw materials.
State-owned Luoyang expects profit fell to less than 33 million yuan ($4 million) in 2001, Chairman Guo Xiaohuan said in a statement. The company reported a profit of 66 million yuan and sales of 896.17 million yuan the previous year.
Final results have yet to be completed and will be announced mid-April, the statement said.
The company has stock that trades in Hong Kong. Its Hong Kong- dollar-denominated shares fell 2.9 percent to 99 HK cents in early trading. Its yuan-denominated shares, which were halted from trading today, rose by the 10 percent daily limit to 5.63 yuan yesterday.
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January 31st, 2002
Source: Bloomberg |
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