Xinyi Glass (00868) recorded a 9.3 % YoY increase in turnover to HK$10,861 million for the year ended 31 December 2014, compared to 9,936 million in FY2013.
Gross profit decreased by 12.9% YoY to HK$2,733 million. Gross profit margin was 25.2% (FY2013: 31.3%). The decline in gross profit was mainly due to the oversupply of float glass with the consequential decreases in the selling prices of the float glass products and partially offset by the strong demand for energy-saving construction glass products of the group.
Net profit fell 61.3% to HK$1,363.7 million, with a net profit margin of 12.6%. The decline in net profit was mainly due to the spin-off of Xinyi Solar (00968) which has led to a lower net profit contribution from the solar business segment, the ongoing decline in float glass price as well as the rise in production costs.
Basic earnings per share were 34.78 HK cents (2013: 57.58 HK cents).
The board has proposed payment of a final dividend of 6 HK cents per share (2013: 14 HK cents).
02/03/2015 15:41
Xinyi Glass (00868) year net down 61% to HK$1.36bn; div 6cts
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