Kaimeite Gases Co., one of the largest carbon dioxide (CO2) producers in China, has announced its financial results for 2016 and a stark jump (77%) in operating revenue from RMB 151.8m ($22m) in 2015 to RMB 270m ($39.1m) in 2016.
The company also turned around a gross profit loss of RMB 51.9m ($7.5m) in 2015 to a profit of RMB 24.3m ($3.5m) – a leap of 149.3%.
Net profit was also transformed last year, from a loss of RMB 45.5m ($6.6m) to a profit of just over RMB 21m ($3m), a rise of just over 14%.
Income from the CO2 business grew to RMB 160.1m ($23.2m), accounting for 59.3% of the company’s operating revenue and 11% more than that in 2015 (RMB 144.2m; $20.9m). The increased production and sales volumes of CO2 from its main factory, its Anqing branch and Huizhou branch was cited as one of three key reasons for the company’s turnaround in fortunes in 2016; macro-economic and operational factors were the other two core factors at play.
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