Chinese Southern Glass Holding Co. Ltd., based in Shenzen, has announced that its net profit, for 1995, declined by 16.4% from the previous year“s level of 161.14 million yuan and blamed the weak res…
Chinese Southern Glass Holding Co. Ltd., based in Shenzen, has announced that its net profit, for 1995, declined by 16.4% from the previous year“s level of 161.14 million yuan and blamed the weak results on higher operating costs. The firm said in an annual report, that its net earnings fell to 134.67 million yuan in 1995. After-tax profits per share dropped 35.9% to 0.41 yuan from 0.64 yuan in 1994. Main operating income reached 716.68 million yuan last year, up 6.72% from 671.56 million yuan in 1994. The company said sales of glass products accounted for about 83.4% of its main operating income in 1995, with revenue from the real estate sector making up the remainder. A company official said the firm“s results for 1995 were hurt by sharp rises in the price of raw materials and the higher costs of raising funds. The company said in the report that its operating costs reached 472.65 million yuan in 1995, compared with 417.57 million yuan a year earlier. He said the firm“s earnings this year should receive a boost from the completion of its 1.1-billion-yuan super-thin float glass project, which should begin trial operations in October. The official said the project is expected to turn out 150,000 tonnes of float glass per year. He added that 70% of output would be sold domestically, with the remaining 30% slated for export. He said Southern Glass racked up US$ 17.06 million in overseas sales last year, compared with US$ 14.00 million in 1994. Meanwhile, the firm said in a separate notice that it has proposed distributing a cash dividend of 0.25 yuan per share for 1995.