Marbridge Daily

<- March 15, 2012 ->

Xinmao S&T Records 2011 Loss of RMB 65 Mln

Shenzhen Stock Exchange, 3/15/12

Chinese conglomerate Xinmao Group's fiber optics subsidiary, Tianjin Xinmao S&T Investment (000836.SZ), today announced its unaudited fiscal results for the full year 2011, with revenue up 40.1% to RMB 1.21 bln.

Net loss attributable to shareholders was RMB 65.0 mln, compared to a RMB 7.01 mln profit in full year 2010.

2011 fiber optic network products revenue was RMB 816.7 mln, up 67.01% from full year 2010. Other income was primarily from real estate development and sales, wind power, and hotel management.

2011 total fiber optic production reached 7.55 mln core kilometers. The company expects that in 2012, China's overall fiber market demand will be approximately 150 to 160 mln core kilometers, but at the end of 2011, total domestic fiber capacity was only 130 mln core kilometers, meaning fiber optic production capacity is still insufficient, with the gap between supply and demand yet to be filled. At the same time, it is expected that within the next five years, fiber optic prices will remain relatively stable.

 
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