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KIG Glass reduces losses

The Malaysian firm KIG Glass Industrial Berhad said group turnover rose to MYR 126.6 million in 2000, up from MYR 95 million in the previous year.
It said group operating loss in 2000 was MYR 11.6 mi…

The Malaysian firm KIG Glass Industrial Berhad said group turnover rose to MYR 126.6 million in 2000, up from MYR 95 million in the previous year. It said group operating loss in 2000 was MYR 11.6 million against a loss of MYR 17.6 million in the previous year. Generally, the group“s improved results were underpinned by better performances of both the company and the subsidiary in China, executive chairman Agus Nursalim said in the company“s annual report for 2000. “Unfortunately, the higher turnover was negated by a much-eroded margin resulting in particular from the escalating energy cost,” he said. Agus said that in 2000, turnover of the group“s glass operation in Malaysia increased 29.2%, from MYR 68.7 million in 1999 to MYR 88.8 million in the current financial year. High production costs resulted in a net loss of MYR 3.76 million in 2000 against a loss of MYR 8.56 million in the previous year. Agus said the glass subsidiary in China, Zibo Jiali Glass Industrial Co. Ltd., introduced a range of tempered glass products in the second quarter of the year. The products gained acceptance in the market and this has helped to boost its turnover, which improved 52% over the previous year to MYR 31.6 million. However, the operation turned in a loss of MYR 6.0 million after the board decided to make further provision for doubtful debts and writedown in inventory values. Besides its glass making operations, KIG undertakes packaging and offset printing operations to meet its own needs. The company exports more than 75% of its products to more than 50 countries worldwide.

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