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Sinostar PEC Q1 net profit more than doubles to 26.4m yuan

SINOSTAR PEC Holdings' net profit more than doubled to 26.4 million yuan (S$5.3 million) for its first quarter ended March 31, 2016 (Q117), up from 11.5 million yuan a year ago.

Revenue grew by 43 per cent from 329.2 million yuan last year to nearly 472 million yuan, boosted by a 62.5 per cent growth in the sale of propylene from 55.8 million yuan in Q116 to 90.7 million yuan in Q117.

Earnings per share came up to 4.13 cents, versus 1.79 cents in the previous year.

The group's free cash flow increased to 533.3 million yuan in Q117, up from 476.1 million yuan in Q116, mainly due to "cash generated from operating activities".

No dividends were declared by the mainboard-listed petrochemical company for this period.

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