Xibei Bearing Hold 2005 Directors Meeting

Resource from: cbcc-yinx Likes:3036

Jul 24,2006

May 23, Xibei Bearing Stock Co.,Ltd convened the 2005 director's meeting. During the meeting, the directors approved altogether seven proposals, including Report of 2005 Financial Result, Proposal of 2005 Profit Distribution, Proposal of Amendment of Corporation Regulation etc. In the course of the meeting, directors agreed on the fact that both positive and negative influences were clearly presented itself during the 2005's operation. In the passing year, price of raw materials, like bearing steel, remained in the higher level; price of natural and energy resouces also kept on growing, causing much more fiercer competition in bearing market. As a result, benefit of the company were affected. From the another hand, large demand of bearings for petroleum exploitation machine also increased dramatically, providing good opportunities for them to expand sales and take advantage of their own merits. In 2005, sales of Xibei Bearing's main business were RMB351 million, increased by 10.02 percent, net profit were RMB 7.509 million, 49.5 percent higher than last year.

(cbcc-yinx)

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