Asia Medical Glass Plc at break-even in 1H 2008

Asia Medical Glass Plc, a supplier of packaging products and services to the pharmaceutical, diagnostic, biotechnology and associated industries in China, has announced its unaudited interim results f…

Asia Medical Glass Plc, a supplier of packaging products and services to the pharmaceutical, diagnostic, biotechnology and associated industries in China, has announced its unaudited interim results for the six month period ended 30 June 2008. In his statement, chairman Alex Greystoke said the company had been operating at break-even level during the period. He said the directors believed there were several reasons for this, namely, the adverse effects of early snow storms in southern China and the high rate of inflation. Total sales revenue reached GBP 2,754,000, generating a gross profit of GBP 228,000. The directors consider that as a result of the significantly higher cost of raw materials there was a net loss in the period of GBP 29,000, the gross profit margin being 0.083%. Despite a difficult start to the year, the company“s sale of core products has begun to show positive growth, pushing its earning ability to a higher level. The company said it maintains a positive view for the 2H of the year.