Xibei Bearing Report Anticipated Financial Result for 1st Half of 2007

Resource from: Sally-CBCC Likes:2931

Jun 28,2007

Xibei Bearing Report Anticipated Financial Result for 1st Half of 2007 Xibei Bearing issued a positive profit warning for first half of 2007 from Jan 1 to June 30 2007, forecasting 200%-250% growth of net profit, comparing with the record of 5.5915 Million RMB in the same period of 2006. Earnings exceed expectations as a result of: A. One-off Earnings According to the announcement released by Xibei Bearing on Feb 3rd, the financial office in Ningxia Hui Autonomous Region agreed to pay back 19.3876 Million RMB of value added tax of 2006. On Feb 8th, the debtee, Yinchuan branch of X’an Office, China Sinda Asset Management Corporation, absolved Xibei bearings from payment of 14.3601 Million RMB. In the first quarter of 2007, Xibei bearing gained 14.1466 Million RMB of net profit. 　 On April 24, the financial office in Ningxia Hui Autonomous Region refunded 3.419 Million RMB of value added tax to Xibei Bearing. B. It is estimated that profit form main business is increasing greatly during this period. The detail data will be released on the financial result for the first half of 2007.

(Sally-CBCC)

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