Shenzhen SEG Samsung Glass: 2004 net profit up 50% on higher capacity

Shenzhen SEG Samsung Glass Co Ltd said its net profit rose 49.77% to CNY 274.49 million in 2004 from CNY 183.27 million a year earlier, on higher production capacity. Earnings per share rose to CNY 0….

Shenzhen SEG Samsung Glass Co Ltd said its net profit rose 49.77% to CNY 274.49 million in 2004 from CNY 183.27 million a year earlier, on higher production capacity. Earnings per share rose to CNY 0.35 in 2004 from CNY 0.23 in 2003. Total revenue increased 71.25 % to CNY 1.7 billion from CNY 992.01 million in 2003. The company“s new factory in Shenzhen“s Longgang district, which began production in September 2004, increased the number of production lines from five to 11. The company now produces 17-34 inch television displays as well as 14-25 inch screens. Shenzhen SEG Samsung stated its intention in March 2005 of becoming China“s largest display screen manufacturer, with an annual capacity of 12 million 17-34 inch display screens and casings after the launch of its new production base. No 2005 net profit and sales forecasts were provided. Total assets reached CNY 4.98 billion at the end of 2004, up from CNY 3.45 billion a year earlier. The company plans to pay a 2004 pretax cash dividend of CNY 1 per 10 shares held, based on 785.97 million shares issued as of the end of 2004. Shenzhen SEG designs and produces color television tubes and displays. Samsung Corning Co Ltd, a 50-50 joint venture between South Korea“s Samsung Group and US-based Corning Inc, is the Chinese company“s second-largest shareholder with a 21.37% stake. (USD 1 = CNY 8.3)