Changtian Plastic & Chemical swings back into the black for Q3

CHANGTIAN Plastic & Chemical Limited reported on Friday that it has swung back into the black for the third quarter ended Sept 30, 2014.

Net profit was 4.08 million yuan (S$861,000), compared to a net loss of 8.07 million yuan a year ago when the group incurred a loss of 9.49 million yuan in other operating expenses. Earnings per share stood at 0.62 fen, compared to a loss per share of 1.22 fen.

Revenue was up 14.8 per cent, at 30.84 million yuan, compared to 26.87 million yuan a year ago. More than half was derived from its adhesive tape business. UV cured release film and release papers made up the rest.

As at Sept 30, 2014, the group has cash and bank balances of 963.8 million yuan.

Changtian warned that competition for its products remains intense. "The company will continue to impose stringent cost controls to maintain profitability," executive chairman Yang Qingjin said.