CRT manufacturer Shenzhen SEG Samsung Glass Co Ltd said its 1Q net profit was CNY 29.82 million (USD 3.60 million), up 9.4% thanks to lower production costs, despite a 20% fall in core revenue.
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CRT manufacturer Shenzhen SEG Samsung Glass Co Ltd said its 1Q net profit was CNY 29.82 million (USD 3.60 million), up 9.4% thanks to lower production costs, despite a 20% fall in core revenue. Technology upgrades resulted in a 36% fall in production costs to CNY 110.91 million (USD 13.40 million). Core revenue was down 20% to CNY 187.68 million because of the relocation of a plant in Meilin town, with some facilities ceasing production. The company produced a total of 22.22 million display screens in the 1Q, up 22.9%. Earnings per share were CNY 0.044 in the 1Q against CNY 0.035 for the year-ago quarter. Accounts receivable totaled CNY 75.8 million at the end of March 2004, down 49.3% from the beginning of the year, while accounts payable amounted to CNY 64.79 million, up 30.8%. Total assets were valued at CNY 3.89 billion at the end of the 1Q, up 12.81% from the end of 2003, and total liabilities stood at CNY 2.096 billion, up 26.6 %. Shenzhen SEG Samsung said in March 2004 that it aims to become China“s largest display screen producer with annual capacity of 12 million 17-34 inch display screens and casings, after moving to a new production base in September 2004. Samsung Corning Co Ltd, a 50-50 joint venture between South Korea“s Samsung Group and US-based Corning Inc, is the listed company“s second-largest shareholder with a 21.37% stake. Samsung Corning will shortly become the listed company“s largest shareholder. It signed an agreement in 2003 to buy an additional 14.09% stake in the listed company for CNY 237.17 million from the firm“s current largest shareholder, Shenzhen SEG Group Co Ltd, which holds a 28.11% interest in Shenzhen SEG Samsung.