Union Mosaic Industry Plc. (UMI) additionally clarified its quarterly
financial statements ended March 31, 1997 which showed a loss worsened by
21.83% as compared to the same quarter of the earlier year.
1. UMI said its net loss before equity figured 11,651, explaining that
the result was from losses of UMI Property Co., Ltd. and UMI Laophen
Sanitaryware Co., Ltd., associated firms UMI holds 37.57% and 34% of the
shares respectively. UMI moved on saying the first company ran property
business, which was widely known to be in a slump. The other is a newly-
opened sanitaryware producer amid an unnourishing economic situation.
2. UMI explained its operating result that loss was still seen because
the country's economic outlook has not yet improved. Besides, the
intensified competitions among manufacturers remained. The selling price
dropped despite the increase in sq.m. sold. Also as important is the
property market that continue the dull sentiment.
