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SINGAPORE : Nylon yarn products maker Li Heng Chemical Fibre Technologies has reported a 5 percent fall in first-quarter earnings to 224 million yuan or about S$44 million.
Li Heng is blaming this on higher administrative expenses, including one-off expenses incurred during its recent initial public offering exercise. The company was listed on the Singapore Exchange in March this year.
Revenue rose 11.4 percent to 804 million yuan.
Commenting on the results, Executive Chairman Chen Jianlong said demand for Li Heng's high-end nylon yarn products continued to grow strongly in the first quarter, while average selling prices remained stable.
The group said its development plans are on track, including the construction of additional production capacity, a polyamide chip plant, as well as a self-contained research and development centre.
Li Heng is also currently planning to set up service centres in the major textile cities in China. - CNA/ms
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