Date: 2013-08-23

Gross profit fell sharply, Northwest Bearing Co. Ltd. reported loss of 31,740 million yuan

Northwest Bearing Co. Ltd. released the semi-annual report of the year 2013 on August 22, in which the company announced the interim loss of 31.74 million yuan due to the serious decline in the gross profit of main products.

According to the report, Northwest Bearing Co. Ltd.'s first-half operating income was 193 million yuan, increased by 1.78%; net profit was -3174 million yuan, decreased by 213.2%. The company's main product bearings achieved an operating income of 156 million yuan, decreased by 11.49%; other products realised an operating cost of 150 million yuan, decreased by 1.48%.

Northwest Bearing Co. Ltd.'s main products are bearings and others, in which bearing business' operating income accounts for 81% of the total operating income. The gross profit margin of bearing business was 3.86%, decreased by 9.76%; other business was 4.83%, decreased by 24.45%.

Insiders said that the domestic bearing industry is now in the state of excess capacity with serious backlog, which leads to sales shrinking and then lower profits.

Northwest Bearing Co. Ltd. still has confidence in the future profitability, and now actively purchases land for its high-end bearing project. The preparatory work for its rail bearing project has been carried out, the subway bearings are on the way to loading test, and for military bearings, the company is actively creating conditions for application of military GB certification.

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