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SINGAPORE: Singapore-listed manufacturer of chemical-based products Changtian Plastic & Chemical said on Monday that its net profit in the third quarter fell by 27.5 per cent on-year.
Profit for the period ended in September stood at 38.2 million yuan or about S$7.8 million.
The firm said challenging market conditions led to a decrease in customers' orders and lower selling prices for its adhesive tapes and release papers.
But it added that its revenue and profit have both tripled on a sequential basis when compared to the previous quarter.
Going forward, Changtian noted that the global financial environment has started to recover, with market demand for its product showing a strong rebound.
It expects the overall operating environment to improve continually in the future.
- CNA/so
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