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  • Jul 14, 2014
  • Updated: 10:35am

Kunming Machine Tool plunges into red amid deteriorating environment

PUBLISHED : Thursday, 21 January, 1999, 12:00am
UPDATED : Thursday, 21 January, 1999, 12:00am

H share Kunming Machine Tool has become the latest state-owned company to warn investors it would plunge into the red for the last full year amid a deteriorating domestic operating environment.


The loss will be Kunming's first full-year loss since its 1993 listing.


The machine-tool company, based in the Yunnan city of Kunming, blamed slack demand, falling consumption and keen competition for the result.


Kunming had net profit of 1.2 million yuan (about HK$1.11 million) in 1997, down from 2.09 million yuan in 1996.


Several H shares have issued profit warnings: Yizheng Chemical Fibre, Tianjin Bohai Chemical Industry (Group), Nanjing Panda Electronics, Luoyang Glass, China Eastern Airlines and China Southern Airlines. CHRISTINE CHAN

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