At the end of January 2015, 3 Chinese
sucrose manufacturers including Nanning Sugar Manufacturing Co., Ltd. (Nanning
Sugar),Guangxi Guitang (Group) Co., Ltd. (Guangxi Guitang) and COFCO Tunhe Co.,
Ltd. (COFCO Tunhe) made the 2014 performance preannouncements in succession.
The depressed sucrose sector in home market has largely drawn back their
performance.
1. Nanning Sugar: net loss to
reach USD46.11 million-USD50.02 million (RMB283.00 million-RMB307.00 million).
Regarding sucrose business, the price decrease was larger than cost reduction,
causing losses. A complete turnaround in paper making business was not seen in
2014.
2. COFCO Tunhe: net profit to
decline to USD2.44 million-USD7.33 million (RMB15.00 million-RMB45.00 million).
In 2013, the net profit was USD13.09 million (RMB80.32 million). Even though
the price of self-produced sucrose decreased, profit from imported refined
sucrose increased continuously. So, the enterprise continued to make profits
from sucrose manufacturing business.
3. Guangxi Guitang: net profit to
reach USD3.26 million-USD4.89 million (RMB20.00 million-RMB30.00 million). The
enterprise turned from loss to profit, mainly because the fine performance in
paper making business covered the loss in sucrose manufacturing. In 2014, the sales
volume of tissue paper increased by 16.2% year on year. Also, sales volume and
price of mechanical pulping rose by 25.1% and 10.4% respectively. Meanwhile,
the non-operating income amounted to about USD8.15 million (RMB50.00 million)
in this year.
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