Xinyi Glass posts revenue decline, but profit rises on cost cuts and lower losses
Glass maker Xinyi Glass Holdings Ltd. (0868.HK) on Friday reported its revenue fell slightly in the first half of this year, but its profit rose on lower property- and equipment-related losses and lower spending on sales and marketing.
The company reported revenue of 9.52 billion yuan ($1.41 billion) for the six months through June, down 3.1% from the 9.82 billion yuan it reported a year earlier. It blamed the revenue decline to falling prices over the last year for its float glass.
Its profit for the period rose 16.9% to 1.18 billion yuan from 1.01 billion yuan the previous year.
The company’s sales and marketing expenses in the first half of the year fell 24.5% to 499 million yuan, dropping to 5.2% of revenue from 6.7% a year earlier. Its “other losses” also fell by more than half to 111 million yuan, thanks to a big decline in losses related to property and equipment disposals.
Xinyi Glass’ stock is up 9.8% this year.
By Doug Young
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