Beijing – China’s compound polyurethane adhesives maker Comens New Material reported a 51% jump in net profit to CNY 17m ($2.6m) in Q1 2016.
Revenue over the same period rose by 3.6% year on year to CNY 114m, according to the company’s quarterly report.
During the first quarter, Comens launched several new products such as a solvent-free adhesive for tobacco packaging that meets EU standards, and completed its CNY 30m technology upgrade project at its Beijing site with 18kT/year current capacity for adhesives.
The upgraded plant is expected to bring in CNY 35m annual net profit on CNY 300m revenue, according to the company’s statement. Comens is also operating a site in Nantong, Jiangsu with 22kT/year adhesives capacity.
“The increased capacity, expanded product portfolio and widened application will provide robust support for the company’s growth,” said the Q1 report.
Exchange Rates: Xe.com 29 June 2016.