Yantai, Shandong – Wanhua posted CNY16bn ($2.4bn) revenue over the first three months in 2019, down by 8% from the same period in 2018.
During the period, Net profit dropped 46% year-on-year to CNY2.8bn, said the company’s quarterly report released in April.
Meanwhile, total asset as of the end of the quarter upped 6% year-on-year to CNY92bn. Net asset rose by 8% to CNY41bn.
In February Wanhua completed the takeover of its controlling shareholder Wanhua Chemical Industry (WCI), including its holdings in BorsodChem and other polyurethane related businesses. The Q1 report takes WCI’s 2018 financials into account for comparison.
In addition, over the first quarter the company sold 658kT MDI and other polyurethane related products, generating CNY8.2bn sales.
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