Operating expenses for 2007 were $4.7 million (RMB 35.6 million), compared with RMB 24.5 million in 2006. The increase was mainly due to higher costs of professional services related to being a public company, as well as due to higher administrative expenses, such as wage increases. Selling expenses decreased 8.5% to $2.0 million ($15.1 million) from 2006, while administrative expenses increased to $2.7 million (RMB 20.5 million), from RMB 8.0 million in 2006.
Net income for the year 2007 decreased to US$6.2 million (RMB 47.3million), or diluted EPS of US$0.48 (RMB 3.62), versus RMB 67.7 million, or diluted EPS of RMB 61.4 in 2006.
Total cash and cash equivalents as of December 31, 2007 were US$4.2 million (RMB 30.9 million) as compared with RMB 249.9 million as of December 31, 2006.
Total shareholders' equity increased to US$70.3 million (RMB 512.5 million) as of December 31, 2007 from a total shareholders' equity of RMB 465.9 million as of December 31, 2006.
As of December 31, 2007, the Company has 13,062,500 basic and diluted total common shares outstanding.
The Trial Production Line
Fuwei began the construction of a Trial Production Line which is capable of producing BOPET films with thickness of 12-50 m and has an annual designed capacity of 1,500 metric tones. The Trial Production Line has finished the equipment installation stage at the end of 2007 and currently is being used for research and development purpose. It is expected to strengthen Fuwei's competitive advantage by allowing more focused research and development of multi-layer BOPET films.
Overseas Marketing Expansion
Fuwei has also reinforced its marketing and sales efforts overseas. On
October 25, 2007, the Company ope
|SOURCE Fuwei Films (Holdings) Co. Limited|
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