Shenyang Machine Tool Forecasts an Annual Loss for 2008

Resource from: CBCC Likes:2937

Oct 30,2008

Shenyang Machine Tool (Group) Co, Ltd, one of the China largest machine tool manufacturers, recorded a loss of RMB 1,121 million during July to September, with a year-on-year fall of 152.29%, according to the company's latest financial report. The company also forecasts a loss of more than RMB 36 million for the fourth quarter (from October to December), which means that 2008 will become the first annual loss year in its history. As reported by the local media, a spokesman of the company analyzed that there are several reasons resulted by the loss, including the depressing demand of lathes in domestic market, the surging cost of raw materials and manpower, coupled with the re-organization of the company.

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