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The Profit Turned Loss to 84.713 Million Yuan, China Glass Announced the Results

  • Source:WSL Solar
  • Time:2021-04-01
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On March 30, China Glass Holdings Limited (hereinafter referred to as "China Glass") announced its 2020 results.
As of December 31, 2020, the company achieved revenue of 3.159 billion yuan, a year-on-year increase of 33%; but the net profit attributable to the parent was -84.713 million, compared with 82.57 million in the same period last year. In other words, with the performance of many glass companies soaring in 2020, China Glass has turned from profit to loss.

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According to data, China Glass Holdings Limited is an investment holding company, mainly engaged in the production, marketing and distribution of glass and glass products, as well as the research and development of glass production technology. The announcement also shows that China Glass has 13 float glass production lines with a daily melting capacity of 6,650 tons.
However, its investment in the field of photovoltaic glass is not large, so it missed the opportunity for photovoltaic glass to rise sharply in 2020, and even the news of being acquired by photovoltaic glass leader Xinyi Solar. However, China Glass later stated that the company's board of directors had not communicated with Xinyi Solar on the acquisition, which meant that Xinyi Solar's request for China Glass was purely fiction.
In February this year, China Glass reported that it was planning to acquire 51% or more of the equity in a company that was legally established in the People’s Republic of China and was preparing to build a float glass and photovoltaic glass production line. It is very likely that the company hopes to reverse the company's loss by entering photovoltaic glass.
Of course, China Glass is not the only company entering photovoltaic glass. For example, Kibing Group, Fuyao Glass and other glass giants have announced plans to enter photovoltaic glass. It is believed that it will have a certain impact on the existing pattern of photovoltaic glass. China Glass is also expected to with its own accumulation in the glass industry, get rid of the profit loss situation.
Posted by Carrie Wong | WSL Solar
WSL Solar has been a quality and professional manufacturer of custom solar panel and solar solution provider in China since 2006.