Chinese automobile glass provider Fuyao Glass Field Group Co. claimed its U.S. subsidiary posted a internet loss of 92.1 million yuan ($thirteen.four million) in the initial 50 percent of this 12 months, as opposed to a internet revenue of 147.six million yuan a 12 months earlier.
In its mid-2020 fiscal report introduced this 7 days, Fuyao Glass, a Shanghai-listed company, blamed the loss of its U.S. subsidiary on the effects of the COVID-19 pandemic. Other suppliers in the U.S. posted major losses for the second quarter, particularly in April and May possibly when most U.S. automobile production was halted.
Affected by the pandemic, functioning earnings of the subsidiary, Fuyao Glass The usa, tumbled 30 p.c from a 12 months earlier to 1.three billion yuan in the initial 6 months, in accordance to the report.
Fuyao Glass The usa has crops in Ohio and Michigan that create glass for autos. It also has a manufacturing unit in Illinois that helps make float glass for other industries.