XBP Report First Half 2005 Results

Resource from: cbcc-yinx Likes:2951

Oct 17,2005

Xiangyang Automobile Bearing Co.,Ltd(XAB) reported operating results for the first-half 2005. In the period, XAB reported net incomes were RMB11.003 million yuan, more than the annual net incomes of RMB10.8902 million yuan in 2004. What's more, this result was the best one since 1999. XAB had been delisted from the securities market for their terrible operation in the period from 2000 to 2002. "It is the prosperity of our sideline businesses that make us return to be listed." said Liao yonggao, chief secretary of XAB, "Under the press of increasing material prices and shinking demand of vans in the first-half this year, however, our mainline businesses made great contributions to our growing incomes." In addition, the company purchased right to use of 86685.3 square meters land, costing them RMB71.63 million yuan. Increasing new customer number has hit 500 and 86 new products has been developed. Months ago, XAB was involved in the Greencool's embezzlement case for their equity transform contract by which XAB meant to escape from its own troubles. The situation of XAB could be concluded by an old saying: it never rains but it pours. But this didn't defeat XABers, they tried their best to make themselves survival. Now they are planning to completely get rid of the impact of Greencool's case. We are convinced that XAB will be back to the leading position in China's bearing industry.

(cbcc-yinx)

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