According to an official press report, Shenzhen-based China Southern Glass Holdings Co. Ltd. brought its RMB 1.1-billion super-thin float glass project on line on Tuesday 10 December.
The project, wh…
According to an official press report, Shenzhen-based China Southern Glass Holdings Co. Ltd. brought its RMB 1.1-billion super-thin float glass project on line on Tuesday 10 December. The project, whose construction began at the beginning of1995, is designed to turn out 135,000 tonnes of float glass worth RMB 500 million each year. A company spokesman claimed that the project would have net earnings of about RMB 60 million in 1997 and more than RMB 100 million in 1998 when it becomes fully operational. About 80% of the float glass will be sold domestically, with the remaining 20% exported to Southeast Asia and the United States, the official said. He added that Southern Glass“s net profits for 1996 would roughly equal the previous year“s level of RMB 134.67 million. The company said in its interim report for 1996 that it recorded net earnings of RMB 70.16 million in the first half of 1996, down 14.09% from the year earlier“s level of RMB 81.67 million. The firm did not state whether the interim results were compiled under Chinese or international accounting standards. Southern Glass blamed the lower earnings on increasing competition from domestic counterparts in the mainland Chinese market and on weaker demand, which led the firm to cut prices on a range of glass products in order to maintain market share.