Flat Glass Group Co., Ltd. Provides Earnings Guidance for the Six Months Ended June 30, 2017
July 27, 2017 at 02:24 pm
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Flat Glass Group Co., Ltd. provided earnings guidance for the six months ended June 30, 2017. For the period, the company expects the net profit for the six months ended 30 June 2017 will decrease by approximately 30% to 40% as compared to RMB 331.4 million for the six months ended 30 June 2016. Such decrease was primarily due to a combination of the following reasons: a decrease in the average selling price of PV glass and a substantial increase in the price of certain major raw materials, including soda ash and fuel, for the six months ended 30 June 2017 as compared to the six months ended 30 June 2016, which in turn increased the cost of sales for the period; and for the six months ended 30 June 2016, the Group recorded a substantial increase of net profit of 70.9% as compared to the six months ended 30 June 2015, which was primarily caused by the particularly strong demand of the downstream of photovoltaic (PV) components prior to the reduction in subsidies granted by governments and significant decrease in the price of certain major raw materials, including electricity and natural gas, which the Group no longer benefits from for the six months ended 30 June 2017.
Flat Glass Group CO., LTD. is a China-based company principally involved in the research, development, manufacturing and sales of glass products. The Company's main products include photovoltaic glass, float glass, engineering glass and home glass. In addition, the Company is also engaged in the mining and sales of glass quartz mine and engineering procurement construction (EPC) photovoltaic power plant construction businesses. The Company distributes its products within domestic market and to foreign markets.