30th Sep 2014 12:24
LONDON (Alliance News) - GTS Chemical Holdings PLC Tuesday reported an increase in profit and revenue for the first half, boosted by its new lubricating oils and recarburizer businesses
The chemicals producer posted pretax profit CNY46.2 million for the six months to June 30, up from CNY32.4 million a year earlier, as revenue rose to CNY309.0 million from CNY177.9 million.
GTS was boosted by inclusion of its new lubricating oils and recarburizer businesses, which began trading in July 2013. The new businesses recorded revenue of CNY63.0 million and CNY32.0 million in the period, respectively. This in addition to CNY214.2 million of revenue from the speciality chemicals division resulted in total group revenue almost doubling in the first half.
GTS's recarburizer trading business, provides an additive used in steel making. Recarburizer is used to adjust the carbon and sulfur content of steel before casting.
Looking ahead the company said it expects the growth in lubricant oil sales to continue to rise as "we increase our distributor network and brand recognition".
"Following the modest growth in recarburizer in the first six months, compared to the second half 2013, since June 30 we have added a further five distributors and expect the benefit of this to be seen in the second half results," Chairman Andrew Harding said in a statement.
GTS shares were untraded Tuesday afternoon at 39.00 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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