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SHENZHEN, September 04, SinoCast -- Xiamen Overseas Chinese Electronics Company Limited (XOCEC, 600870.SH) recorded a net loss of CNY 239 million in the first half of 2008, with total sales revenues of CNY 1.87 billion, down 39.52% from the corresponding period one year ago, according to its interim financial report released on August 30.
Losing money for consecutive several years, the company is risking delisting from the Shanghai Stock Exchange. It is time for XOCEC to take everything in its power to make a turnaround.
XOCEC attributed in the report the losses mainly to the fierce competition from major home appliance chain stores and foreign brands. …