Luoyang Glass may report 50% profit decline as competition grew

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.

600450 Luoyang Glass may report 50% profit decline as competition grew

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