Sichuan Hongda halves quake losses forecast

03 June 2008 10:25  [Source: ICIS news]

SHANGHAI (ICIS news)--Sichuan Hongda Industry has more than halved the losses it previously reported the 12 May earthquake had cost it through damaging its facilities, releasing a new forecast on Tuesday of a loss of yuan (CNY) 160.23m ($23.1m) from the original CNY388m.

 

“We have moved some products, semi-finished products and raw materials, valued at about CNY54.58m, out of our quake-hit workshops,” an unnamed spokesman from the fertilizer company said.

 

Some damaged structures could be recovered with a minimum of cost, while other equipment could be partially repaired, he added.

 

“That can cut our capital asset loss from CNY286.6m ($41.4m) to CNY113.7m ($16.4m),” he said.

 

Seventy-four of the company’s employees were killed in the quake, which devastated the southwest province of Sichuan, and its facilities were severely damaged.

 

So far the disaster has accounted for the deaths of more than 69,000 people, while 18,627 remain missing.

 

($1 = CNY6.93)

 

By: Dolly Wu
+65 6780 4359

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