Nanjing, Jiangsu – China’s Hongbaoli said unaudited net profit in 2018 fell 30% to CNY 28m ($4m) compared with 2017.
System house Hongbaoli estimates sharp profit drop in 2018
Revenue increased by 14% to CNY 2.5bn over the same period, according to a company statement in February.
‘The “America First” policy intensified foreign trade frictions,’ said the announcement. In addition, rising feedstock prices, as well as the company’s projects under construction, also hit annual performance.
The company’s total assets at the end of 2018 rose by 24% to CNY 3.6bn, compared with the beginning of 2018 because of the investment in the projects.
In January, Hongbaoli’s 120kT/year propylene oxide project in Taizhou, Jiangsu province started full operation, said another company announcement.
In December, its project to upgrade 8m m2/year PU insulation panel facilities, from HCFC-141b to cyclopentane and other third-generation blowing agents, passed inspection by the authorities.
China banned the use of HCFC-141b in refrigerators and other appliances from 1 January 2019.
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