22 January 1998: Chinese television tube maker Shijiazhuang Baoshi Electronics Glass Co. Ltd. said they will report a net loss for 1997, due to a decrease in sales of black and white television tubes….
22 January 1998: Chinese television tube maker Shijiazhuang Baoshi Electronics Glass Co. Ltd. said they will report a net loss for 1997, due to a decrease in sales of black and white television tubes. The firm said it had tried to cut back on black and white television tubes and increase production of colour tubes last year, but had not yet fully adjusted its combination of products. Analysts said a price war in the highly competitive domestic colour television market had also hit Baoshi hard and would continue to prevent sales from picking up over the near term. Baoshi reported an investment of 2.65 billion yuan (US$ 319 million) in a colour television tube plant which went into operation in mid-1996, as well as an unaudited net loss of 0.03 yuan per share for the first half of 1997. In 1996, the company posted net profits of 82.47 million yuan, or 0.215 yuan per share, compared with a profit of 172 million yuan in 1995. Baoshi is one of China“s largest black and white television tube makers, with black and white tubes accounting for 90% of its revenue in 1996.