Leading Chinese TV maker Sichuan Changhong Electric said yesterday it will post large losses in 2004 because of unpaid accounts arising from anti-dumping duties imposed by the...
BEIJING — Leading Chinese TV maker Sichuan Changhong Electric said yesterday it will post large losses in 2004 because of unpaid accounts arising from anti-dumping duties imposed by the United States.
The company is allegedly owed $467.5 million by Apex Digital, an Ontario, Calif.-based importer, and expects to be able to collect only $150 million of the total, it said in a statement.
Changhong expects Apex will not be able to make the payment because of losses blamed on anti-dumping duties imposed by the United States on Chinese-made color televisions, it said.
“U.S. anti-dumping duties on China-made color televisions have had a rather big impact on Apex’s receivables,” Changhong said.
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Marietta Schoenherz, a spokeswoman for privately owned Apex Digital, said yesterday the “pending business disagreement” between the two companies “is being addressed through the proper channels.”
Earlier this year, the U.S. International Trade Administration ruled unanimously that TV imports from China had inflicted damage on U.S. TV makers, resulting in the tariffs. China is the world’s top television maker.
Changhong was among the targets of the duties.
The company will disclose the full amount of the loss and its impact on the company’s operations in its year-end financial statement, it said.