Fuxing China reports huge loss of RMB 172.2mn in FY2012 mainly from provisions, impairments and non operating payments…….very disappointing but Friday, 1 March, 2013 10:57 AM
Posted by Kevin Scully
Fuxing China is probably one of my worst performing Stock Picks. Our analysts had downgraded the stock from a BUY to a HOLD some months ago but I was still attracted to its discount to NAV. Access to management has been difficult and with this, my ability to form a view on the company.
Before telling you what my current recommendation is, lets review the 2012 results:
a) revenue for FY2012 fell 16% to RMB568.7mn while Q4 revenue fell 3% to RMB160.3mn
b) net loss for FY2012 was RMB172.2mn while Q4 net loss was RMB141.9mn
c) the large loss in Q4 and in 2012 can be attributed to a number of non-operating …