Xibei Bearing Company to Lose 21 million yuan for Insufficient Order

Resource from: CBCC Likes:2917

Oct 14,2010

Xibei Bearing Co., Ltd.(000595) announced performance report in the evenning of Wednesday and predicted that the company is to lose about 21 million yuan in the third quarter and will lose 0.1 yuan each share. From January to September this year, the company has losed about 88 million yuan and had a loss of 0.40 yuan each share; from January to Septenber last year, the company has losed about 44.1857 milion yuan and had a loss of 0.20 yuan each share. The company suggested that in the first three quarters the order of the main products was insufficient and the contracts they undertook were tending towards the universal areas. In order to take up some market share, the company has greatly reduced the sales prices; meanwhile, influenced by the factors that the price of raw and auxiliary materials increased, there was less profit space, which finally caused the loss. Xibei Bearing Co., Ltd, has suffered from stock suspension since Sept. 16th and closed at 9.54 yuan before the suspension.

(CBCC)

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