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BOE predicts losses of up to $146 mln for 2008

Post Time:Feb 03,2009Classify:Company NewsView:306

BOE Co. Ltd., China's leading LCD (liquid crystal display) manufacturer, has predicted losses of between RMB 70 million ($10.24 million) and RMB 1 billion ($146.28 million) for the 2008 fiscal year due to shrinking demand for consumer electronic products as a result of the global economic downturn, according to a recent announcement.

"The whole LCD manufacturing industry is at the bottom of its business cycle. However, Chinese LCD manufacturers will be protected and funded by the government as LCD manufacturing is one of the industries in the Chinese central government's investment portfolio," Shi Hong, an industry analyst with Industrial Securities, said.

Shi told Interfax that the Chinese government and government-owned entities will fund BOE's upcoming expansion and technical upgrade projects. These projects include an eighth-generation TFT-LCD (transistor liquid crystal display) production line, which will be launched this year, and a TFT-LCD laboratory, which requires investment of RMB 180 million ($26.33 million).

According to BOE's 2008 third quarter financial statement, the company generated net profits of RMB 103.3 million ($16.23 million), although predicted losses for the whole year.

Source: Interfax ChinaAuthor: shangyi

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