Salomon Brothers, the US share-brokerage firm, has expressed uncertainty about the prospects of Luoyang Float Glass Group Company.
“If you look at Luoyang Glass, the company is facing more competitio…
Salomon Brothers, the US share-brokerage firm, has expressed uncertainty about the prospects of Luoyang Float Glass Group Company. “If you look at Luoyang Glass, the company is facing more competition and at the moment I still have my concern at the chemical companies,” said Pizi Lau, a Salomon analyst. The brokerage firm revised down Luoyang Glass“s annual earnings forecast to RMB 39 million from RMB 63 million for the year after it reported an 87% drop in its interim net figures. It also cut its 1997 annual profit forecast for the company to RMB 43 million from RMB 77 million, largely due to the poor condition of the float glass market.