Hefei, Anhui – Chinese faux PU leather maker Anli expects up to CNY 15m ($2m) net loss during the first half of 2018, compared to CNY 3m net profit in H1 2017.
Anli continues net loss in H1 2018 on rising revenue
The company’s profit has been on the downturn since 2017 and it posted CNY 20m net loss last year.
According to the company's announcement, revenue from its main business, PU leather, jumped 16% in H1 2018 compared with a year ago, but profit slid because of exchange rate fluctuation and rising cost for environmental compliance.
The company’s ‘actual operation has been picking up’, said the announcement. The company is developing new materials for sporting goods. It is aiming to supply materials to ball makers for the 2020 Tokyo Olympics’ volleyball games.
In February, the company also became a supplier to Spanish apparel retailer Zara. The company claims its solvent free products contain less than 20 ppm of dimethylformamide.