Xinyi: float, solar glass GPMs rebound in Q3

Xinyi Glass Holdings Limited (HKG:0868) stated in its interim results that the company's overall gross margin fell from 35.3% recorded last year to 23.8%, among which the gross margins from the sales of solar glass fell by 29.3% to 19.6% while that from float glass also dropped from 22.1% to 4.3%.

The company's executive director and chief executive Tung Ching-sai said after a press conference that the selling prices of the group's float glass and solar glass products fell between the third quarter last year and the first quarter this year.The price level started to stay flat in the second quarter of 2012. Starting from the third quarter this year, the relatively stable demand brought the selling price upwards, bringing a positive impact to the gross margins. The gross margin of float glass rose to over 10% while that of solar glass also increased from 19.6% to above 20%.

Also, he said the group recorded satisfactorily higher gross margins in the construction glass and automobile glass segments, while the respective numbers of orders remain stable.

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600450 Xinyi: float, solar glass GPMs rebound in Q3
Date: 3 August 2012

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