Fuxing China Group's Q1 net loss widens

SINGAPORE - Fuxing China Group, a China-based maker of zipper sliders and chains, reported a wider net loss of eight million yuan in the first quarter, an increase of 24 per cent.

Revenue for the three months to Mar 31 was up 22 per cent to 186.6 million yuan, mainly owing to the increase in sales of the trading segment.

Trading segment includes the sourcing and buying of certain raw materials.

However, the increase in sales was partly offset by a drop in revenue contributions from the zipper chain segment at the processing segment.

Quarterly loss per share was 0.5 yuan, compared with 0.4 yuan in the same period a year earlier.

Net asset value was 41.1 yuan as at Mar 31, slightly down from 41.6 yuan as at Dec 31.