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Wafangdian
Bearing Company Ltd. (Liaoning, China) posted third quarter
results in 2002 improved over 2001.
Wafangdian
is China's largest bearing company and as such is considered
a bellwether for bearing manufacturers across the Pacific
Rim. SKF (Sweden) holds a 20% stake in Wafangdian.
Third
quarter sales were 275.24 million Yuan, netting 3.42 million
Yuan.
Sales
for the first three quarters of 2002 improved to 850.9 million
Yuan. Net profit rose strongly, to 31.19 million Yuan, from
only 11.9 million Yuan for the first three quarters of 2001.
Wafangdian's
third quarter results, however, continue to illustrate the
problem of margin erosion for Chinese producers. The company's
net margin was 5% in 2000, had dropped to 3.8% for the first
half of 2002 and now has fallen to 1.24% in this most recent
quarter.
Those
concerns were likely reflected in the stock's recent performance;
Wafangdian has regularly led the list of percentage losers
on the Shenzen B stock exchange.
（Adopted
From zwz-bearing.com）
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