9 July 1998: KIG Glass Industrial Bhd of Malaysia has expanded its core production of glass tableware at Pasir Gudang in Johor and in China to maintain its lead in the sector, a recent report said.
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9 July 1998: KIG Glass Industrial Bhd of Malaysia has expanded its core production of glass tableware at Pasir Gudang in Johor and in China to maintain its lead in the sector, a recent report said. The move is expected to turn around the company, which suffered a RM 31.75 million consolidated loss before minority interest last year against a loss of RM 11.14 million in 1996. Executive chairman Agus Nursalim said in KIG“s latest annual report that the company had seen an improvement in operating results from a loss of RM 11.14 million in 1996 to RM 9.75 million last year. Despite this improvement, the currency fall and financial downturn caused KIG to make exceptional provision for exchange losses amounting to RM 22 million. Agus said in enhancing the company“s decade-old business, it had set up its third glass tableware plant in Pasir Gudang. Another production line was also added at its China concern, Zibo Jiali Glass Industry Co. Ltd (Jiali), in meeting the big glass tableware demand in China. Agus said as the depressed property market was not expected to improve in the coming year, the company“s clay roofing tiles operation would not likely improve and contribute to the current year“s result. In recouping losses, KIG had also disposed its entire shareholdings representing 55.24% interest in the ailing Tianjin Jiama Granite and Marble Co. Ltd in China for US$ 360,000 (RM 1.4 million).