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
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
In addition, CSG started the construction of a new production facility in
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.