HKEX | 0338
Shanghai Pechem Q1 profit drops 66% yoy, to RMB 611M
Shanghai Pechem (0338) announced, net profit attributable to equity shareholders for the first quarter this year was RMB 611 million, down by 65.53% year-on-year. Net profit attributable to equity shareholders excluding non-recurring items was RMB 625 million, down by 64.68% year-on-year. Revenue RMB 25.1 billion, down by 2.42% year-on-year.
Operating profit RMB 747 million, down by 66.98% year-on-year, mainly due to the rise in crude oil prices at the beginning of the year led to a significant increase in raw material costs, year-on-year decrease in product price and a sharp drop in gross profit. Investment income RMB 195 million, down by 28.04% year-on-year. Mainly due to the joint venture company's current operating condition is weaker than that of the same period last year, and its investment income decreases.