Qingdao Copton Technology Co., a Qingdao, Shandong province-based blender, increased net profit by 28 percent and revenue by nearly 24 percent in the first half of the year. The firm will open its research and development center and ramp up production to capacity in the second half.
In its semi-annual report, Copton reported netting 75.4 million (U.S. $11.3 million) in its first half. Its gross profit was up 45 percent from the year before to 101 million. Total revenue increased 24 percent to 487 million.
Copton also reported its second-quarter performance. Automotive lubricants made up 88 percent of its revenue, or approximately 180 million. Industrial oils brought in around 14 million in sales, or 7 percent of total revenue. Antifreeze and other car-care products made up RMB 3.9 million and RMB 5.8 million, respectively, for 1.9 percent and 2.8 percent of total second-quarter sales.
The Shanghai Stock Exchange-listed company also announced plans to gradually increase production volumes at its blending plant in the Huangdao Industrial Park in Qingdao, which it opened earlier this year.
Copton said it is currently ramping up production to the 206 million plants annual capacity of 80,000 metric tons of lubricants, 20,000 tons of antifreeze and 1,000 tons of brake fluids.It will put into use its research and development center at the same location in the second half of the year.