Shenzhen SEG Samsung 1Q 2005 net profit up 150%

Shenzhen SEG Samsung Glass Co Ltd, one of China“s main producers of CRTs and displays, said its net profit for the 1Q 2005 rose 151.21% year-on-year to CNY 74.91 million, from CNY 29.82 million a yea…

Shenzhen SEG Samsung Glass Co Ltd, one of China“s main producers of CRTs and displays, said its net profit for the 1Q 2005 rose 151.21% year-on-year to CNY 74.91 million, from CNY 29.82 million a year earlier, on higher production. In the first three months, Shenzhen SEG Samsung produced a total of 4.34 million displays and 4.33 million tubes, up 95.32% and 297.98%, respectively, the company said. Sales revenue reached CNY 637.37 million, up 239.6% on a yearly basis from the CNY 187.68 million booked for the same period in 2004, Shenzhen SEG Samsung said. Earnings per share also rose 151.22% year-on-year to CNY 0.095 for the 1Q 2005. Total assets stood at CNY 4.94 billion at the end of March, compared with the CNY 4.98 billion booked one year earlier. South Korea“s Samsung Corning Co Ltd, a 50-50 joint venture between South Korea“s Samsung Group and US-based Corning Inc, holds a 35.46% stake in the Chinese company, while state-run Shenzhen SEG Group also holds a 35.46% stake. (USD 1 = CNY 8.3)