Sinostar PEC's Q1 profit soars on post Covid-19 recovery

Singapore

SINOSTAR PEC Holdings on Saturday posted a significant jump in net profit to 59.3 million yuan (S$12.2 million) for the first quarter of 2021, up from 801,000 yuan a year ago, on the back of a ramp-up in production volume of most products and the expansion of gross margins due to increased average selling prices of certain petrochemicals.

The revenue of the mainboardlisted group, which produces and supplies downstream petrochemical products in China, increased 22.5 per cent to 960.4 million yuan compared to a year ago, when the group's operations were affected by Covid-19.