China“s Luoyang Glass recorded a net loss for the first half of 1997. From a net profit of Rmb 18.92 million on a Rmb 307.79 turnover in the first six months of 1996, it fell to a Rmb 45.11 million l…
China“s Luoyang Glass recorded a net loss for the first half of 1997. From a net profit of Rmb 18.92 million on a Rmb 307.79 turnover in the first six months of 1996, it fell to a Rmb 45.11 million loss on a turnover of Rmb 298.93 million this year. Losses per share were Rmb 0.064, compared to a gain of Rmb 0.027. The company blames weak demand, over-supply and a rise in prices of raw materials and energy. To maintain its market domination, it has cut its prices by an average of 17.16%. Due to a large-scale renovation on one of its production lines, the company“s production of its float glass fell during the period.