Chen Hsong reports sluggish fiscal year-end results
http://www.plasticsnews.com/china/english/injectio [2008-7-23]
Tag : pet preforms
HONG KONG (July 22, 2008) -- The global economic downturn andrising steel and plastics prices are putting a chokehold onearnings for Chinas second-largest injection molding machinemaker, Chen Hsong Holdings Ltd., the company said in releasing itsfiscal year-end earnings report July 15.
Hong Kong-based Chen Hsong said sales rose 7 percent, to HK$2.3billion (2.2 billion yuan or US$295 million) and profit went up 2percent, to HK$317.8 million (304.4 million yuan or US$40.8million), in the 12 months ending March 31, well below thedouble-digit increases of the previous year.
The results suggest that Chinas plastics industry is seeingslowing growth and faces increasing pressure. Chen Hsong citedseveral factors for the softness, from oil prices pushing up costsof commodity resins such as polypropylene by 60 percent in China inone year, to the subprime mortgage crisis and economic problems inthe United States slowing demand in the countrys export sector.
“Caught within the two prongs of rising plastics prices andweak demand, exporters in China are generally pessimistic regardingprospects for the near future, which in turn significantly reducedequipment investment plans for these companies,” Chen Hsongsaid.
HONG KONG (July 22, 2008) -- The global economic downturn andrising steel and plastics prices are putting a chokehold onearnings for Chinas second-largest injection molding machinemaker, Chen Hsong Holdings Ltd., the company said in releasing itsfiscal year-end earnings report July 15.
Hong Kong-based Chen Hsong said sales rose 7 percent, to HK$2.3billion (2.2 billion yuan or US$295 million) and profit went up 2percent, to HK$317.8 million (304.4 million yuan or US$40.8million), in the 12 months ending March 31, well below thedouble-digit increases of the previous year.
The results suggest that Chinas plastics industry is seeingslowing growth and faces increasing pressure. Chen Hsong citedseveral factors for the softness, from oil prices pushing up costsof commodity resins such as polypropylene by 60 percent in China inone year, to the subprime mortgage crisis and economic problems inthe United States slowing demand in the countrys export sector.
“Caught within the two prongs of rising plastics prices andweak demand, exporters in China are generally pessimistic regardingprospects for the near future, which in turn significantly reducedequipment investment plans for these companies,” Chen Hsongsaid.
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