Shijiazhuang Baoshi Electronic Glass Co., the Chinese television tube maker based in the northern province of Hebei, reported net profits in the year ended 31 December 2000 of yuan 83.96 million, a 12…
Shijiazhuang Baoshi Electronic Glass Co., the Chinese television tube maker based in the northern province of Hebei, reported net profits in the year ended 31 December 2000 of yuan 83.96 million, a 126% increase over the yuan 37.13 million reported the year before. Turnover was yuan 44.92 million in fiscal 2000 versus yuan 37.12 million the previous year. According to the company, net profits were higher than turnover because of income from investment in companies, which was not included in the turnover. The results, audited under domestic accounting standards, were contained in a company statement published in the China Securities newspaper on 20 April. Under international accounting standards, pre-tax profit was yuan 134.05 million (US$ 16.19 million) in 2000, versus yuan 100.05 million under domestic standards. The company gave no net profit figures under international standards. In 1999, pre-tax profit under international accounting standards was yuan 97.79 million against yuan 56.89 million under domestic accounting standards, the company claimed. Baoshi will not pay any dividend for 2000, same as in 1999, as earnings in these two years were not enough to cover a net loss of around yuan 250 million in 1998.