China: Luoyang Glass 1Q 2003 loss lower than for 1Q 2002

Chinese Luoyang Glass Co Ltd said its net loss for the 1Q to March 2003 decreased to CNY 9.49 million from CNY 27.93 million in the same period 2002, as a result of higher income from principal operat…

Chinese Luoyang Glass Co Ltd said its net loss for the 1Q to March 2003 decreased to CNY 9.49 million from CNY 27.93 million in the same period 2002, as a result of higher income from principal operations, according to Chinese accounting standards. Chinese listed companies are not obliged to release international accounting standards figures in their quarterly reports. Luoyang Glass said principal revenue during the period increased to CNY 191.452 million from CNY 165.012 million. Sales benefitted from an upturn in China“s glass sheet market, with prices of major products increasing 5% year-on-year during the period, it said in a statement. Exports represented 18% of the company“s total sales volume and increased nearly four times from last year. As a result of cost cutting measures, administrative expenses dropped to CNY 16.072 million from CNY 23.275 million and financial expenses were slightly down to CNY 10.294 million from CNY 10.351 million. Operating expenses went up to CNY 7.851 million from CNY 7.004 million.