Sinostar PEC reports 1H2019 performance
- Revenue rose 84% Y-o-Y to RMB 1.9 billion mainly attributable to contributions
from its newly acquired subsidiary, Dongming Qianhai
- Recorded a Net Profit of RMB 33.7 million
Sinostar PEC Holdings Limited (SGX: C9Q) (“Sinostar PEC” or the “Group”), one of the largest producers and suppliers of downstream petrochemical products within the Shandong Dongming Petrochemical Industrial Zone, today announced its financial results for its half year ended 30 June 2019 (“1H2019”), recording a net profit of RMB 33.7 million.
Mr Zheng Liucheng, Chief Executive Officer and Executive Director of Sinostar PEC, commented, “As we advanced into the coming quarter, we remain conservative amidst the macro uncertainty and slowdown in global growth. Nonetheless, we remain positive on the Group’s long-term outlook and demand for our products. We will continue to improve our cost efficiency and manage our cashflow and gearing carefully as we navigate through this challenging time.”