Press Release from Zhejiang Glass

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Zhejiang Glass Company, Limited (a joint stock limited company incorporated in the People's Republic of China) (Stock Code: 739) Announcement in relation to Estimated Increase in Unaudited Consolidated Net Profit The board of directors ("Board") of Zhejiang Glass Company, Limited ("Company") would announce that the unaudited consolidated net profit of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 June 2004 ("Relevant Period") is expected to increase by 80% to 100%, as compared with the corresponding period in 2003. Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

This announcement is made pursuant to the disclosure obligation under Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Board would announce that according to the management accounts of the Group for the Relevant Period, the unaudited consolidated net profit of the Group for the Relevant Period (which are subject to finalisation and further review) is expected to increase by approximately 80% to 100%, as compared with the corresponding period in 2003 (the unaudited consolidated net profit of the Group for the six months ended 30 June 2003 amounted to approximately RMB56 million). During the Relevant Period, the Group experienced an increase by more than 30% in both the production volume and the average selling price of the Group's flat glass as compared with the corresponding period in 2003.

The Board would also point out that the operating results of the Group for the Relevant Period were not materially affected by the austerity measures implemented by the government of the People's Republic of China ("PRC"). The prices of heavy oil and soda ash, being major fuel and raw materials for the manufacturing of the Group's flat glass, remained high during the Relevant Period and led to an increase in the unit cost of sale of the Group by approximately 15% as compared with the corresponding period in 2003. However, the increase in the production volume and the average selling price of the Group's flat glass exceeds the increase in the unit cost of sale of the Group, thus resulting in the improvement of the Group's profitability. The interim results of the Group for the Relevant Period are expected to be released on or around 25 August 2004. Such interim results are subject to finalisation and to the review by the Company's audit committee. Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

600450 Press Release from Zhejiang Glass glassonweb.com

See more news about:

Others also read

Peng Shou Visits KCC Corporation (South Korea)
On the afternoon of July 16th, 2018, Peng Shou, board chairman of CTIEC, was invited to pay a working visit to headquarters of KCC in Korea.
SentryGlas® delivers clarity, strength and safety at Shum Yip Upperhills
Laminated glass using SentryGlas® was chosen for safety and insulating glass was specified to improve thermal performance.
Check out the exhibitors at ASEAN's largest glass show, Glasstech Asia 2018 & Fenestration Asia 2018!
Malaysia International Trade & Exhibition Centre (MITEC); Kuala Lumpur; 14 - 16 November 2018.
CTIEC Signs General Contract of Pakistan  Waste Heat Power Generation Project
On July 9,2018, the signing ceremony of general contract project of installing waste heat generation facilities for two float glass production lines (450t/d+550t/d) of GhaniGlass Co. Ltd. (Pakistan) by CTIEC was held in Shanghai.
 LandGlass Glass Tempering Furnace in Iran
TJK is a well-known industrial enterprise in Iran. The company is equipped with a LD-AB F&B Bi-directional glass tempering furnace made by LandGlass.
LandGlass Glass Tempering Furnace in Turkmenistan
In ANYK TEKLIP’s facility, a LD-AC F&B Bi-directional glass tempering furnace made by LandGlass is running day and night.

From industry

No. 160 Yichuan Rd.,
Jiaonan Shi
Qingdao Shi
Shandong Sheng, 266000
China

Add new comment