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Fuyao Glass: Focus on doing auto glass well

Post Time:Nov 09,2009Classify:Company NewsView:532

Last year, under severe economic crisis, Fuyao Glass had to shut up float glass production line. Impairment of fixed assets led directly to the company's fourth quarter net loss of 363 million yuan. Fuyao can be described as ups and downs last year. Shares also fell during last seven weeks, down to 6.47yuan.

As the automotive industry market slowly recovering, Fuyao glass started turn around. At the same time benefited from lower raw material price and capacity utilization improvement, profit has also been rising.  Fuyao Glass handed over a fine report card of three quarters. Third quarter operating income was 1.597 billion yuan, growth of 7.4%, up 4.4%. Single-quarter revenue hit the record with gross margin 45.3%, 33.9% higher than the first quarter and 41.9% higher than the second quarter. Net profit reached 397 million yuan.

Fuyao Glass focus on doing auto glass well and makes full use of the development of the domestic auto market. With the auto glass international industry transfer, Fuyao Glass's  future development of space is still large with long-term investment value.

Source: GlassInChinaAuthor: shangyi

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