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Shanghai Prime Machinery Suffers European Antidumping Tax
04/02/2009 12:00
SHANGHAI, Feb 02, 2009 (SinoCast Daily Business Beat via COMTEX) -- SMHYF | Quote | Chart | News | PowerRating -- The European Union will impose an antidumping tax of 69.9% on certain products made by Shanghai Biaowu High-Tensile Fasteners Co., Ltd., said Shanghai Prime Machinery Co., Ltd. (SEHK: 2345), the controller of the Chinese victim.
In 2007, 43% of the parent company's revenue came from the fastener business. And the exports to Europe contributed 32% and 39% of its fastener revenue and net profit in the year, respectively.
In the future, Shanghai Prime Machinery will enhance the production and sale of other fittings like bearings, cutting tools and blades. And the company believes that the diversified operation would help offset the impacts of the antidumping taxes, which are likely to be higher, it warns investors.
Besides, it plans to increase the exports of the referred fasteners to the regions beyond Europe.
On January 30, 2009, the shares of Shanghai Prime Machinery closed at HKD 0.84 apiece on the Stock Exchange of Hong Kong, compared to HKD 0.82 on the previous trading day.
In 2007, 43% of the parent company's revenue came from the fastener business. And the exports to Europe contributed 32% and 39% of its fastener revenue and net profit in the year, respectively.
In the future, Shanghai Prime Machinery will enhance the production and sale of other fittings like bearings, cutting tools and blades. And the company believes that the diversified operation would help offset the impacts of the antidumping taxes, which are likely to be higher, it warns investors.
Besides, it plans to increase the exports of the referred fasteners to the regions beyond Europe.
On January 30, 2009, the shares of Shanghai Prime Machinery closed at HKD 0.84 apiece on the Stock Exchange of Hong Kong, compared to HKD 0.82 on the previous trading day.
www.shihua.com.cn (February 02, 2009)
Mon. February 02, 2009; Posted: 06:56 AM
Source: www.tradingmarkets.com
Mon. February 02, 2009; Posted: 06:56 AM
Source: www.tradingmarkets.com
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