China Southern Glass Holdings Co. said its first-half net profit surged to 80.2 million yuan, against 11.9 million in the same period last year, bolstered by revenues from its high-technology ventures…
China Southern Glass Holdings Co. said its first-half net profit surged to 80.2 million yuan, against 11.9 million in the same period last year, bolstered by revenues from its high-technology ventures. Southern Glass is the first B share company on the mainland“s two bourses to issue its mid-year earnings report. China“s Class B shares are technically reserved for foreign investors. The Shenzhen-based glassmaker said its electronic parts and monitor glass materials ventures were the main earning drivers during the period, contributing 54% of gross profits. The two businesses had income of 43.5 million yuan, up 78% from last year. Operating revenues rose to 465.7 million yuan as compared with 420.1 million in 1999. Export receipts rose 10.5% from last year to US$ 25.8 million. Also, the company was able to trim its expenses to 110.6 million yuan, down 15.4 million yuan from the same period last year. The company said it plans to invest more in high-tech linked industries and consolidate its business project group to improve its competitiveness in the second half of the year. China Southern Glass has A and B shares listed on the Shenzhen Stock Exchange.