China Fiberglass Saw Profit Downturn in 2008       

China Fiberglass Company Limited (SH: 600176) announced the operating revenue of RMB4.0 billion for 2008, an increase of 25.23% over the previous year. The net profit was RMB244 million, a drop of 18.87%, and earning per-share was RMB0.5719.
   The net cash flow of the company in 2008 was negative RMB457 million, a drop of 175.59% from the previous year, which was caused from the longer term of the accounts receivable.
   The company thinks that the development of wind power, biogas energy and the accelerated construction of the nation's railways will bring new opportunities to the fiberglass composites sector.
   The company also posted on February 10th that its subsidiary Jushi Group Jiujiang Co., Ltd. will invest RMB1.97 billion in a 150 000 t/a alkali-free fiberglass kiln drawing production line. The plant is expected to start production in November 2009 at the earliest. Upon completion of the project, the plant will have capability of producing 25 000 tons of twist-less roving for SMC, 20 000 tons of twist-less roving for transparent sheets, 25 000 tons of twist-less roving for jetting and 80 000 tons of direct twist-less roving a year. With the wider applications of fiberglass, the project will further increase its market shares in both domestic and overseas markets.