Luoyang Glass forecasts 1H 2005 net profit down by half

Luoyang Glass Co. Ltd said on 17 May 2005 that it is forecasting its net profit for the 1H of 2005 will be more than 50% down on the corresponding period in 2004.
The Chinese glass maker said earlier…

Luoyang Glass Co. Ltd said on 17 May 2005 that it is forecasting its net profit for the 1H of 2005 will be more than 50% down on the corresponding period in 2004. The Chinese glass maker said earlier in May 2005 that its 1H profit would be “materially and adversely” affected by falling prices of sheet glass. It is set to announce its interim results by the end of August 2005. In addition, Luoyang Glass said three of its production lines in Luoyang City were interrupted by a power failure on 12 May 2005. As of 17 May, two of the lines had resumed production while one was being overhauled. Luoyang Glass said some production equipment sustained damage and there would be a fall in output but it would not have a significant impact on the company“s annual target.