The first annual report of Hangzhou Hangyang after its launch on the Shenzhen Stock Exchange has been released, with total revenue in 2010 growing to RMB 3.023bn, an increase of 12.5% compared with 2009.

Net profit is RMB 400.75m, of which RMB 354.76m is allocated to the shareholders of the holding company, an increase of 44.34% and 41.46% respectively. Earnings per share were RMB 0.88.

Hangyang has received orders for 33 sets of air separation units of medium and large scales with 12 sets of size 30,000 m3/h or larger. The company even received one order for export of an ASU of 120,000 m3/h. In monetary terms, the amount of orders has increased by 50%, gasworld understands.

Regarding Hangyang’s gas business side, revenue equated to around RMB 258m. The company now has a total of nine gas companies including one which is for the utilisation of coldness of an LNG import terminal, to be built in Rudong city of Jiangsu province and another one located in the Xiaoshan area of Hangzhou, Zhejiang province for the recovery of carbon dioxide, with a production capacity of 200,000 tonnes.

Hangyang underlined its ambitious expansion plans for the future in a summer 2009 interview of the month with gasworld magazine. During the interview, General Manager Mr Shao Rong MAO described how the company harboured plans to complement its ASU manufacturing business and step into the gas supply business – a visionary move which affords greater stability and in turn, encourages even further development of its ASU technology.

Asked about the future for Hanzhou Hangyang, MAO told gasworld back then, “Our main efforts are still with the engineering projects and the installations. We want to maintain our quality as the best in China and to build better plants to satisfy the requirements of international markets.”

“Hangyang has to improve its competitiveness. We want to focus on our business and not compare ourselves with other companies in other countries. We also want to provide better service and put more efforts into expanding our gases business.”

“As mentioned above, we are looking for more business for other equipment businesses, such as cold boxes for ethylene plants.”