China stock listing
THE second of China's long-awaited B-share year-end results show profits nearly double some analysts' forecasts.
The results could mean good news for China's B market.
China Southern Glass, one of nine shares listed in Shenzhen, announced profits higher than expected because the company had raked in enormous foreign exchange gains. Auditors' reports are due next week.
Profits topped 60.7 million yuan (about HK$81.8 million), the company says.
It expects this year's profits to top 129 million yuan.
Standard Chartered Securities and Barings Securities forecast 31 million yuan in profits for China Southern in 1992, while Credit Lyonnais estimated that profits would be 48 million yuan.
''Next year Southern Glass should get even better,'' said an analyst at Credit Lyonnais Securities.
''The company stands to profit from China's construction boom with some new construction products it plans to introduce next year.''