Yantai, Shandong – Wanhua reported CNY 13.6bn ($2.1bn) revenue in the first quarter of 2018, up by 24% from the same period in 2017. Net profit during the quarter jumped 62% to CNY 3.5bn.
Wanhua reports growth in Q1 2018 and forms southern China sales arm
According to the company’s statement in April, it sold 442kT polyurethane-related products during the quarter, generating CNY 8.1bn sales.
The price of Wanhua’s MDI products followed divergent trends in the quarter.
The company said its pure MDI price rose by 9%, while polymeric MDI fell in price. This is lower than its price a year ago, the company said.
In April Wanhua also announced it is to set up a fully-owned sales subsidiary in Zhuhai, Guangdong. This is the location where it opened a new polyurethane resin site last year as UTECH-polyurethane.com reported at the time.
Wanhua's new Zhuhai business covers diisocyanates, polyurethane, machinery as well as a series of upstream chemicals. It hopes to provide ‘quality and more efficient services to clients in the southern China and Southeast Asia markets,’ said the announcement.
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