Fuyao Glass Industry Group Co. Ltd. shows a revenue increase in its first quarterly report of 2021 with an increase of 36.8 percent from the same period in 2020, according to a report dated April 16, 2021.
This year’s operating revenue for the glass giant is $879.9 million, and this time last year was $643.1 million.
In a report, the company stated that its increase in operating revenue “was mainly due to the recovery of the automobile market and the increase of effort in marketing by the Company.” An increase in selling and distributing expenses the company attributes to “increases I the corresponding freight fee and packaging expenses “as a result of an increase in operating revenue.”
A decrease in other income, according to the report, is because of a decrease in government subsidies.
Non-operating cost increase is attributed to the company’s receipt of insurance after flooding in 2020. Consequently, an increase in non-operating expenses is because of “losses arising from the clean-up activities conducted” after last year’s flood.
The company’s financial report attributes a decrease in staff salaries and welfare payables to the payment of annual bonuses in 2020.