China Fiberglass forecasts profits fall in 2009
Shares in China Fiberglass Co., Ltd., a fiberglass producer based in southeast China, fell 2.29 percent to close at 17.96 yuan (2.63 U.S. dollars) per share on Wednesday (January 27) after the company forecast a net loss last year.
In a statement filed to the Shenzhen Stock Exchange, the company said it expected the loss to be around 100 million yuan, compared with profits of 244.4 million yuan in 2008.
The loss was attributable to slumping international demand for fiberglass amid the economic downturn, the statement said.
