Yantai, Shandong – Wanhua pegs its unaudited net profit in 2017 at CNY 11bn ($1.7bn), tripling compared with 2016.
‘During the reporting period polyurethane related products’ prices had a significant jump; their sales volume also climbed,’ said the company’s announcement in January.
Net profit excluding non-recurring elements rose by 189% compared with 2016 to CNY 10.6bn, in view of increased government subsidies.
Last year Wanhua added 1,500 new employees, said its chairman Liao Zengtai in his New Year’s Address on company website, accounting for 19% of Wanhua’s total employees at the end of 2016.
The company is expanding its research on high-end new materials and hopes to gain more traction by accelerating the commercialisation of its pilot trials, said Liao in his Address.
The company will also up its efforts in safety management in 2018, Liao added.
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