Xinyi Glass: 2004 profit up 27% on stronger auto glass sales

Hong Kong-listed Xinyi Glass Holdings Ltd said its net profit in 2004 rose 27.2% year-on-year to HKD 235.84 million on strong sales growth of car glass in Europe, South America and Central and South A…

Hong Kong-listed Xinyi Glass Holdings Ltd said its net profit in 2004 rose 27.2% year-on-year to HKD 235.84 million on strong sales growth of car glass in Europe, South America and Central and South Africa, Australia and the USA. The company reported turnover up 28.4% year-on-year to HKD 1.03 billion from HKD 800.84 million. “Our sales in the European countries increased because of a rise in the number of customers and appreciation of the euro,” said company chairman Lee Yin Yee. In 2004, sales of car glass rose 70.5% year-on-year to HKD 725.29 million, while those of construction glass products rose 24.6% to HKD 252.86 million. The group“s 2004 revenues were given a further boost when it received some HKD 26.8 million in a “tax refund on reinvestment” from the China government, Lee said. Earnings per share were HKD 0.214 against HKD 0.165 a year earlier. The company declared a final dividend per share of HKD 0.05. (USD 1 = HKD 7.8)