Luoyang Glass 2001 earnings drop

China“s Luoyang Glass Co. said on 24 January that it expects its 2001 earnings to decline by more than 50% from 2000.
The company cited fierce competition in the domestic flat glass market, a sustai…

China“s Luoyang Glass Co. said on 24 January that it expects its 2001 earnings to decline by more than 50% from 2000. The company cited fierce competition in the domestic flat glass market, a sustained decline in its sales prices and a rise in raw material costs. The company, which lists H shares in Hong Kong and A shares in Shanghai, posted a net profit of CNY 66 million in 2000. Luoyang Glass“s 2001 earnings report is expected to be released in mid-April.