Leading air separation plant manufacturer in China and emerging local industrial gas company Hangzhou Hangyang Group has reported its results for the third quarter (Q3) of 2015 and has seen profits increase almost 6%.
Operating revenue for the period was RMB 1.6bn (approx. $251.9m), a minimal increase of 1.08% over the same period last year.
Net profit attributable to shareholders of the listed company also slightly increased, by 5.98% – to RMB 38.8m ($6.07m) – over the same period last year.
However, if non-recurring profits and losses are deducted, the increase was a remarkable 23.5% to RMB 32.2m ($5m).
Operating revenue in the first three quarters of 2015 was RMB 4.5bn ($710.3m), and net profit attributable to shareholders of the listed company for the first three quarters was RMB 100.2m ($15.6m), representing increases of 8.1% and 21.3% from the same period last year, respectively. Again, when non-recurring profit and losses are deducted, net profit attributable to shareholders increased sharply by 168% to RMB 80.4m ($12.5m), compared with the same period last year.
Looking ahead, a Hangyang report stated that the net profit attributable to shareholders of the listed company for the whole year would range between RMB 121.9m ($19m) to RMB 162.5m ($25.4m) – representing a swing of either a 10% drop to a 20% increase compared with 2014.
The company also stated in the report that although the industrial gas business is moving forward, operational capability is improving and profitability is enhanced, the current conditions of macroeconomics and downstream industries have imposed pressure and uncertainty to the improvement of the overall business performance of the company.