11th May 2015 09:37
LONDON (Alliance News) - GTS Chemical Holdings PLC Monday said its first-quarter revenue increased by 40%, driven higher by sales of its specialty chemicals and lubricating oils.
In a statement, the specialty chemicals producer said revenue amounted to CNY167.0 million in the three months ended March 31, compared with CNY119.3 million in the corresponding quarter of the prior year.
Specialty chemicals revenue increased by about 37% to CNY118.9 million, while lubricating oils revenue was up 68% to CNY35.7 million. Recarburizer revenue increased to CNY12.5 million from CNY11.1 million.
Construction of a new lubricant oils production line began in December, the company said.
GTS reiterated that it intends to pay a maiden full-year dividend for 2014. Its financial year runs with the calendar year but GTS is yet to publish its annual report for 2014.
The dividend is expected to be consistent with GTS' stated dividend policy of approximately equal to a 5% yield on the placing price of 36 pence at the time of the company's IPO. Further announcements relating to dividend payments will be made following the publication of the Company's annual report for 2014," the company said.
GTS shares were up 20% at 60 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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