Xinyi Glass Revealed Interim Finical Repot

(China Glass Network) Xinyi Glass revealed interim finical repot from January to end of June recently. The report shows that sales of the company in the first year of 2011 has dramatic increase while pure profit dropped due to decline in gross margin. Sales of main products of the company appeared increase, diversity and high added value product portfolio also decreased operational risk. Arrange work of three production bases has been completed and development prospect of the company looks optimistic. According to performance report of the company, business turnover of the company in the first half year of 2012 is 4.592 billion HKD with increasing range of 18.3%. However, pure profit of the period decreased 43.4% of 0.476 billion HKD. Gross profit rate of the company dropped from 35.3% to 23.8%, caused by market price dropping of float glass and solar glass from the third quarter. New production in Jiangmen, Wuhu and Tianjin City, diversified glass products and growing demand of auto glass brought wider market for Xinyi Glass. In addition, the growing accumulated wealthby middle class in China also drives domestic consumption, the energy conversation policies launched by the government also stimulate demand of auto glass and Low-E coated glass. Mai products of Xinyi Glass include auto glass, architectural energy conversation glass, float glass, solar glass and so on. Officials of the company except that domestic market of float glass will continue to fluctuate, demand of auto glass and architectural glass are also going to grow. Source: GlassInChina