Fuwei Films posts another loss and bemoans oversupply

(Before It's News)

When Chinese companies such as plastic films maker Fuwei Films (Holdings) Co. Ltd (NASDAQ:FFHL) start bleating about low-cost competitors, things have become weird.

The company’s fourth quarter results sent the shares tumbling by around a fifth as Zengyong Wang, the chief executive and chairman of the company, said it continued to face strong competition.

Emerging and incumbent players created oversupply in the marketplace in 2016, which had an impact on the company’s financial results.

In dollar terms, net revenues for 2016 were US$36.6mln; in local currency that is RMB253.9mln, up from RMB248.9mln the year before, despite a decline in the average selling price.

Net loss narrowed to RMB54.5mln (US$7.8mln) from RMB69.2mln (US$10.7mln) in 2015.

Story by ProactiveInvestors

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