BRIEF: Flat Glass profits, revenue slump on PV downturn
Glass manufacturer Flat Glass Group Co. Ltd. (6865.HK) reported on Thursday its revenue fell 16.7% last year to 15.57 billion yuan ($2.25 billion), while its profit dipped 2.6% to 980 million yuan.
The company makes various types of glass, including PV glass, float glass, architectural glass, and household glass. During the period, PV glass prices continued to slide amid oversupply in the photovoltaic sector. That dragged revenue for the segment down 16.8% year-on-year to nearly 14 billion yuan.
Other glass products were also pinched by China’s sluggish property market. Float glass revenue plunged nearly 61% to 110 million yuan, while household glass revenue fell 18.7% to 250 million yuan. Architectural glass was the company’s sole bright spot, with revenue up 8.3% to 540 million yuan.
Shares of Flat Glass opened up 1.1% at HK$9.01 on Friday. The stock is down 35% from its 52-week high.
By Lau Chi Hang
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