Date: 2013-07-31

NXZ Bearing May have a Deficit of 30 million RMB in the First Quarter

According to the announcement from Xibei Bearing Co., Ltd. (NXZ), the company is predicted to have a deficit of about 30 million RMB in the first quarter. In the same period last year, the company has a deficit of 8.8747million RMB. According to the annual report released recently, last year, NXZ Company has transformed into deficit from the payoff of 22.31 million RMB in 2008 and the deficit was up to 119.5 million RMB.

The annual report indicated that in 2009 NXZ Bearing Company has accomplished the business income of 245 million RMB, which decreased 47.01% on a year-on-year basis. The company suggested that most users of the dominant products have stopped or partially stopped the production, the orders reduced, and the export order seriously shrinked. Most orders were general products, the price slide a lot and there was almost no profit.

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