21 January 1999: China“s Luoyang Glass Co. said it was likely to announce a net loss for 1998, its second consecutive year of deficits.
“There was a serious oversupply of plate glass on the domestic…
21 January 1999: China“s Luoyang Glass Co. said it was likely to announce a net loss for 1998, its second consecutive year of deficits. “There was a serious oversupply of plate glass on the domestic market in 1998 and prices went into a slump,” the company said in a statement. The company“s shares trade in Hong Kong and on the Shanghai A share market for domestic investors. “Despite our efforts, our company was still unable to reverse losses,” the statement said. “We expect losses for all of 1998 after a loss in the first half of the year.” Luoyang Glass posted a net loss of 223.4 million yuan (US$ 26.98 million) in 1997 against a profit of 21.62 million yuan in 1996 under international accounting standards, according to the company“s 1997 annual report. The firm had an unaudited net loss of 88.76 million yuan in the first half of 1998 against a loss of 45.111 million yuan in the same period in 1997, its 1998 interim report said.