DGAP-News: CSG AG: Net profit margin in first half of 2011 of 31.3%
(firmenpresse) - DGAP-News: China Specialty Glass AG / Key word(s): Interim Report
CSG AG: Net profit margin in first half of 2011 of 31.3%
30.08.2011 / 08:28
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Gruenwald/Munich, August 30, 2011 - China Specialty Glass AG ('CSG'), the
German Holding Company of one of China's largest producers of security
glass, has increased its net profit by 14.6% in the first half of the
financial year 2011 on a year-on-year basis. It amounted to EUR 10.9
million with a net profit margin of 31.3%. Growth drivers in net profit
were a sales increase of 13.7% to EUR 34.7 million, mainly achieved through
the enhanced activities in the automotive security glass segment, and an
improved gross profit margin, which rose to 46.1%. The EBIT grew
correspondingly by 14.2%, reaching EUR 12.9 million.
China Specialty Glass AG had recently completed its IPO. The shares started
trading in the Prime Standard segment of the Frankfurt Stock Exchange on
July 1, 2011. 'With the important steps being taken in the last few months,
we have achieved our internal forecast for the first half of 2011', says
Nang Heung Sze, CEO of China Specialty Glass AG. For the full year 2011,
based on the results of the first six months and taking the possible
negative effects of the global debt crisis on the Chinese economy into
account, the Company expects to achieve total annual sales between EUR 75
million and EUR 80 million, based on an average exchange rate RMB/EUR of
9.25, and a net profit margin of around 31%.
Milestones for enlargement of business activities achieved
During the last few months, CSG reached several major milestones to enlarge
its business activities in China. On the one hand, CSG concluded an
exclusive distributorship agreement with a subsidiary of Saint-Gobain Glass
France. The agreement granted CSG the right to exclusively distribute
various high-end glass products of Saint-Gobain's QUANTUM GLASS product
line within the People's Republic of China for a period of 10 years.
On the other hand, the Company introduced its newly developed intruder
resistant glass into the Chinese market. CSG received the first orders to
deliver the new security glass for different types of police patrol
vehicles from various automobile manufacturers (OEMs) in China. The orders
were received in the context of plans by the Ministry of Public Security of
the PRC to modernize its police patrol car fleet.
In addition, CSG started the construction of a new production facility in
Sichuan province, which will significantly expand the annual production
capacity for different types of specialty glass. The facility is planned to
start the first phase of operations in the fourth quarter of 2011.
About China Speciality Glass AG
China Speciality Glass AG is the German holding company of China Specialty
Glass Group. The group develops, produces and sells specialty glass. The
company's major products sold under its 'Hing Wah' brand are security
glass, which includes bulletproof glass, intruder resistant glass, bomb
blast resistant glass and self-defence glass as well as construction glass,
which includes architecture laminated glass, architecture tempered glass,
fire resistant glass, hollow glass and electric-controlled colour-changing
glass. For security glass products in the Chinese banking and automotive
industry, the Group is one of the market leaders both in terms of
production output and market share.
The shares of China Specialty Glass AG are listed in the Prime Standard of
Frankfurt Stock Exchange
(ISIN DE000A1EL8Y8 / WKN A1EL8Y / Ticker 8GS).
For further requests please contact:
Kirchhoff Consult AG
Dr. Kay Baden
T: +49 40 60 91 86 39
F: +49 40 60 91 86 60
E: baden(at)kirchhoff.de
or visit www.csg-ag.com
End of Corporate News
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30.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: China Specialty Glass AG
An den Römerhügeln 1
82031 Grünwald
Germany
Phone: +49 (0)89 189 42 52 27
Fax: +49 (0)89 189 42 52 28
E-mail: ir(at)csg-ag.com
Internet: http://www.csg-ag.de
ISIN: DE000A1EL8Y8
WKN: A1EL8Y
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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137412 30.08.2011
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Datum: 30.08.2011 - 08:28 Uhr
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News-ID 60289
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