Hefei, Anhui – Faux leather maker Anli posted CNY1.5bn ($230m) sales for 2020, down 9% from 2019, according to its annual report, published in March.
Net profit for 2020 dipped 29% from a year ago to CNY50m. Net profit, less non-recurring items, shrank by 10% to CNY36m.
‘Revenue nosedived in H1 due to the pandemic…but in H2 we generated great results in both production and sales,’ the report said.
The company recorded CNY8m quarterly net loss for both Q1 and Q2, but registered CNY33m quarterly net profit during Q3 and Q4, with double-digit increases year on year.
Anli had 83,000km/year polyurethane leather capacity as in 2020 and was one of China’s top exporters for the product. The firm sold CNY474m worth goods to overseas markets during the year. Its largest regional market within the country is east China.
The company’s 12,000km/year plant in Vietnam is expected to start partial operation in July 2021. It was originally scheduled to go on stream in April, and earlier this year its start up was postponed to June.
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