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Jiutian Q1 net profit almost quadruples to 23.4m yuan on higher chemical prices

INCREASES in the selling price of dimethylformamide and methylamine gave a fillip to results for Jiutian Chemical Group Limited (Jiutian) in its first quarter.

Net profit grew by almost four times to 23.4 million yuan (S$4.9 million) from the previous year as earnings per share surged to 1.28 fen from 0.34 fen in the previous year, the group said in a Singapore Exchange filing on Friday evening.

For the three months ended March 31, revenue was up 20.5 per cent to 326 million yuan from the preceding year.

Net asset value per share edged up to 30.35 fen as at March 31, from 29.07 fen three months ago.

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Said Jiutian's chief executive officer Zhou Hongxuan: "We are pleased to see the significant improvement of our operating results in Q1 2018 compared to the corresponding prior year period, despite the Chinese New Year festive period."

Mr Zhou added that the company's emphasised investments in environmental protection are planned for the long-term and have allowed Jiutian to continue to operate at a high utilisation rate under what he said are increasingly stringent environmental requirements by the Chinese authorities.

Jiutian shares ended S$0.03 or 2.7 per cent higher at S$1.15 on Friday.