Beiren result tumbles by 31pc

PUBLISHED : Thursday, 29 August, 1996, 12:00am
UPDATED : Thursday, 29 August, 1996, 12:00am

Beiren Printing Machinery Holdings has reported a profit fall of 31.08 per cent to 34.79 million yuan (about HK$32.37 million) in the first half, from 50.48 million yuan previously.

Turnover at the H-share company was 165.46 million yuan for the six months to June, down 18.4 per cent from 202.95 million yuan a year ago.

Operating profit fell 30.8 per cent to 40.2 million yuan, from 58.1 million yuan.

Earnings per share dropped to 0.087 yuan from 0.126 yuan.

The directors shaved the interim dividend to 0.025 yuan from 0.04 yuan.

The company said its production schedule had been interrupted because of emphasis on new product development, which required substantial support in product technology and manufacturing.

It said turnover had been adversely affected due to tightened cash positions of some of its customers.