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Shenzhen SEG Samsung: strong sales boost 1H 2005 net profit

Shenzhen SEG Samsung Glass Co Ltd (SSG) said its net profit for the 1H 2005 increased 12.51% year-on-year to CNY 112.46 million from CNY 99.96 million, boosted by strong sales of color cathode-ray tub…

Shenzhen SEG Samsung Glass Co Ltd (SSG) said its net profit for the 1H 2005 increased 12.51% year-on-year to CNY 112.46 million from CNY 99.96 million, boosted by strong sales of color cathode-ray tubes and displays. Earnings per share were CNY 0.143 , against CNY 0.127 a year earlier, SSG said in its unaudited 1H income report to the Shenzhen Stock Exchange. “In the 1H of this year, the company sold 7.89 million displays and 7.69 million tubes, pushing revenues for the same period up 140.8 % on a yearly basis to 1.1 billion CNY from 455.13 million a year earlier,” said SSG. Total production capacity of displays and tubes also more than doubled in the first six months of 2005 as eleven production lines all reached full production, SSG added. However, the company warned that the CRT market is expected to decline and inventories will rise as more TV makers shift production from traditional CRT TVs to flat-screen versions. The firm added that net profit for the January-September period will likely stay flat compared to the figure for 2004 of CNY 73.81 million. The company, in which South Korea“s Samsung Group holds a 35.46% stake through its Samsung Corning Co. Ltd. unit, is hoping to start full production of panels for flat-screen TVs in the 2H 2005 with technological support from Samsung. Total assets were CNY 4.5 billion at the end of June 2005, against CNY 4.98 billion a year earlier, SSG added in the statement, without providing further details.

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