Shenzhen SEG Samsung Glass Co Ltd said its 3Q 2004 net profit increased 71.85% year-on-year to CNY 73.81 million, boosted by higher production capacity.
Shenzhen SEG, which designs and produces color…
Shenzhen SEG Samsung Glass Co Ltd said its 3Q 2004 net profit increased 71.85% year-on-year to CNY 73.81 million, boosted by higher production capacity. Shenzhen SEG, which designs and produces color television tubes and displays, said it sold a total of 8.53 million display screens in the 3Q 2004, with a sales-to-production ratio of 94%. Total revenue went up by an impressive 129% to CNY 563.16 million. Earnings per share stood at CNY 0.09, up from CNY 0.06 a year earlier. Shenzhen SEG said net profit for the first nine months increased 63.9% year-on-year to CNY 173.77 million, with total revenue up 40.7% to CNY 1.018 billion. Accounts receivable totaled CNY 401.6 million at the end of September, up CNY 168.6% from CNY 149.5 million at the end of 2003, and accounts payable amounted to CNY 162.27 million, up 227.5% from CNY 49.55 million. Total assets were valued at CNY 5.007 billion at the end of the 3Q, up 45.21% from CNY 3.448 billion at the end of 2003, with total liabilities up 83.8% to CNY 3.036 billion from CNY 1.652 billion. Shenzhen SEG Samsung said in March 2004 that after its move in September to a new production base it aimed to become China“s largest display screen producer, with an annual capacity of 12 million 17-34 inch display screens and casings. The firm said the new facility has 11 production lines, compared to five at its former base, which will allow it to expand its product range. The company said it expects net profit to increase 50% for the full-year 2004 because of the extra capacity. 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.