The Malaysian group, Nylex Bhd., is confident that it will achieve better results for the current year ending 31 December 1997, in view of the strong performance of all its business divisions so far.
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The Malaysian group, Nylex Bhd., is confident that it will achieve better results for the current year ending 31 December 1997, in view of the strong performance of all its business divisions so far. According to Graeme Charles Pearson, Chairman of the company, almost all of Nylex“s business units have, for the first five months of the year, achieved sales figures surpassing their record for the previous corresponding period. Nylex businesses comprise four main divisions: polymer, engineering, packaging and building products. The packaging division produces glass containers, while the building product division manufactures glasswool insulation products and roofing products. Mr. Pearson said the only underperforming business is the glasswool manufacturing operation in Manila, which suffered recruitment and other start-up problems following the implementation of a capacity expansion plan. This was further aggravated by negative climatic conditions, such as severe flooding. In fact, due to these problems sales at the building products division improved by only 1.5%. However, he said these difficulties will be resolved by the second half of the year. He added that other new investments overseas, such as the switchgear plant in Shanghai, are all showing promising results. For the year ended 31 December 1996, Nylex achieved a pre-tax profit of M$ 82.11 million against a profit of M$ 77.2 million for the year before. This came on the back of turnover amounting to M$ 572.28 million compared with M$ 468.66 million previously.