Hangzhou Hangyang Co. Ltd, the largest air separation plant manufacturer and a local industrial gas business player, has released its full financial results for 2016 and reported a near 17% drop in operating revenue.
Operating revenue fell 16.76% from RMB 5.93bn ($861.1m) in 2015 to RMB 4.94bn ($716.8m). Net profit attributable to shareholders of the listed company plunged dramatically, by 296%, from a profit of RMB 144.1m ($20.89m) in 2015 to a loss of RMB 282.6m ($40.98) in 2016.
This is the first time the company has recorded a loss since being listed in the China stock market in 2010, and its most serious plunge in profit. Moreover, it worsens further still when non-recurring gains and losses are deducted – resulting in a plunge of 439.7%.
Earnings per share (EPS) and diluted EPS both also recorded a decline of 300%, from RMB 0.17 ($0.025) per share to a loss of RMB 0.34 ($0.049) per share.
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