One of the largest domestic industrial gas companies in China, Suzhou Jinhong Gas Co. Ltd., has released its 2016 financial results, including an 18% rise in operating revenue last year.
Total operating revenue increased from RMB 554.6m ($80.4m) in 2015 to RMB 654.5m ($94.9m) in 2016, an increase of 18%.
The company explained that the increase in revenue is mainly because it has worked aggressively to expand its market and market share, via the introduction of new products, as well as due to improvements in internal control.
However, net profit attributable to the shareholders of the company plummeted 37.4% from RMB 53m ($7.7m) in 2015 to RMB 33.2m ($4.8m) in 2016. If non-recurring gains and losses are deducted, the drop was a little less stark, decreasing 27.3% from RMB 44.6m ($6.5m) in 2015 to RMB 32.45m ($4.7m) in 2016.
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