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Hanglas reports drop in profits

South Korea“s largest maker of glass for construction and automotive use, Hanglas, announced lower net profits for the year to 31 December 2000 of won 24.9 billion versus won 32.3 billion in 1999. E…

South Korea“s largest maker of glass for construction and automotive use, Hanglas, announced lower net profits for the year to 31 December 2000 of won 24.9 billion versus won 32.3 billion in 1999. Earnings before interest and taxes came in at won17.2 billion in 2000 versus won 29.4 billion the previous year. Sales were higher at won 326.6 billion compared to won 270.3 billion in 1999. Hanglas attributed its decline in net profit to the depressed construction industry and sporadic strikes at Daewoo Motor Co.

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