Falorni Tech Glass Melting Technology
Filtraglass

China Southern Glass Holdings: “97 net hit by competition

7 May 1998: China Southern Glass Holdings Co. Ltd.“s 1997 earnings were reportedly hurt by intense competition in China“s glass market, a company spokesman said recently.
The company, based in the …

7 May 1998: China Southern Glass Holdings Co. Ltd.“s 1997 earnings were reportedly hurt by intense competition in China“s glass market, a company spokesman said recently. The company, based in the southern city of Shenzhen, reported net profits of 103.17 million yuan (US$ 12.4 million) in 1997 against 153.04 million yuan in 1996, under Chinese accounting standards. Per-share net fell to 0.15 yuan from 0.32 yuan in 1996. The firm last year made a 1.935-for-10 rights offer and a 1.185-for-10 bonus issue. Under international standards, the firm booked net profits of 106.23 million yuan last year compared with 153.04 million yuan in 1996. The spokesman reportedly said the earnings decline also reflected a drop in returns from the company“s property investments last year. The firm“s 1997 annual report showed earnings from the company“s core business reached 117.40 million yuan, down from 146.30 million yuan in 1996. Turnover reached 729.63 million yuan last year against 725.11 million yuan in 1996. The official also reportedly said he predicted little improvement in China“s glass market this year and intense competition would continue to affect earnings growth. The company“s board of directors had no plans to issue a dividend this year, the report said.

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news