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Christine Chan

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 



Kunming Machine Tool plunges into red amid deteriorating environment