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CSG Falls Most in a Month After Missing Forecast

Post Time:Dec 30,2008Classify:Company NewsView:389

CSG Holding Co., a Chinese glassmaker, dropped the most in more than a month in Shenzhen trading after saying 2008 earnings will miss its forecast.

CSG slid 10 percent to 7.94 yuan at the close on the Shenzhen Stock Exchange, the biggest decline since Nov. 18.

The “change” to profit won’t exceed 10 percent because of a 196 million yuan ($28.7 million) provision for fixed assets and as orders and product prices decreased in the fourth quarter, the Shenzhen-based company said in a statement today. It didn’t say whether profit will fall or rise.

Profit for 2008 may surge between 50 percent and 100 percent from a year ago, CSG Holding said in October. It posted net income of 431.5 million yuan last year.

Source: BloombergAuthor: shangyi

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