29th Oct 2015 09:28
LONDON (Alliance News) - Chinese chemicals producer GTS Chemical Holdings PLC on Thursday said its sales continued to be strong in the third quarter and said its gross margin remained steady.
The specialty chemicals and lubricants producer said its sales in the third quarter rose 34%, the same rise delivered in the first half and leaving nine-month sales up by the same amount. Nine-month sales for the company totalled CNY676.2 million, up from CNY503.3 million a year earlier.
The strongest growth in the first nine months came from its lubricant oils business, where sales rose 59%, while sales of specialty chemicals, its biggest sales driver, increased 32%. That offset more muted growth in its recarburizer sales, which rose 3.0%.
The group's gross margin remained flat in the third quarter at 21.7% and the company said it is close to completing work on a new, higher-capacity specialty chemicals production facility.
Shares in GTS were untraded on Thursday morning, having last traded at 49.75 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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