28th Sep 2015 08:56
LONDON (Alliance News) - Chinese specialty chemicals and lubricants producer GTS Chemical Holdings PLC on Monday said its pretax profit rose in the first half thanks to better revenue, with strong performances from its two core units.
GTS said its pretax profit for the half to the end of June was CNY62.3 million, up from CNY46.1 million a year earlier, as revenue increased to CNY415.4 million from CNY309.0 million.
Specialty chemicals, its biggest unit, saw revenue rise 31% in the half, as the group benefited from its leading position in the ammonium sulfite market in China and as it expanded its customer base beyond its main chemical and paper industry clients, with a particularly good rise in sales to pharmaceutical sector wholesalers, GTS said.
Lubricant oils sales were up 61% to CNY101.0 million from CNY62.8 million, driven by sales to the automotive aftermarket, and GTS expanded its distribution network to 61 from 48.
Recarburiser revenue, its smaller division, was up 6.3% to CNY34.0 million and GTS said the unit will remain a relatively small part of its operations, as it remains profitable without any need for capital expenditure to be directed to it.
Shares in GTS were untraded on Monday morning, having last traded at 55.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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