China Fiberglass reports 300m yuan loss last year

Updated: 2010-03-31 13:12
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China Fiberglass Co, Ltd, a State-owned fiberglass producer based in Beijing, reported Wednesday a loss in 2009.

According to its annual report filed to the Shanghai Stock Exchange, the company made a loss of about 300 million yuan ($44 million) last year, while in the previous year it netted a profit of 692 million yuan.

It was the second year that China Fiberglass saw a profit decrease, as in 2007 its profits totalled 738 million yuan, according to the report.

The company's losses per share in 2009 reached 0.36 yuan, down from earnings per share of 0.56 yuan in 2008, while in 2007 earnings per share were 0.7 yuan, according to the report.

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2009 Annual Reports of Listed Companies

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Its revenues totalled 3.17 billion yuan last year, down 20.89 percent year-on-year, while total assets increased 7.11 percent to total 13.7 billion yuan, the report said.

In the report, the company attributed the loss to the financial crisis which reduced sales prices of fiberglass, high operation costs and anti-dumping measures taken by export destination countries.

Last November the European Glass Fiber Producers Association filed a petition to the European Commission demanding an anti-dumping investigation on the company.

Trade of its stocks had been stopped since March 6, as China Fiberglass was preparing a company restructuring, according to the Shanghai Stock Exchange.