CIMC Enric maintains positivity


CIMC Enric has revealed its first half 2014 interim results, and cites natural gas as driving a promising market outlook both for the company and the wider energy equipment segment despite declines during the year to date.

The group recorded a turnover of RMB 4.813bn ($783m) for the first six months of the 2014 financial year ended 31st June 2014, a minor drop of 0.3% when compared with RMB 4.828bn of the same period in 2013.

Gross profit also dropped 8.3% from RMB 976.2m for the first six months of 2013 to RMB 895.3m for the same period of 2014. However, profit attributable to equity shareholders has increased 8.8% to RMB 508m from RMB 467m for the same reporting period.

The CIMC Enric Group has three business segments: energy equipment, chemical equipment, and liquid food equipment. During first half 2014, the revenue generated by the energy equipment segment declined by 7.4% to RMB 2.335bn compared to RMB 2.521bn for the corresponding period in 2013. The group explained that it was because of slowdown in the demand for CNG equipment and on-vehicle LNG fuel tanks, which was in turn caused by a deceleration of the economic growth rate and natural gas price reform in China.

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