Turnover Increased 54% to RMB650.7 Million Net Profit up 33% to
RMB128.9 Million
HONG KONG, Aug. 22, 2011 /PRNewswire-Asia/ -- COSTIN New
Materials Group Limited ("COSTIN" or the "Company", together with
its subsidiaries, the "Group", stock code: 2228), which is
principally engaged in the research and development, production and
sales of non-woven materials and recycled chemical fibres, is
pleased to announce its interim results for the six months ended 30
June 2011.
During the Reporting Period, the Group achieved turnover up
approximately 54.3% to approximately RMB650.7 million, which was
mainly attributable to an increase in the overall selling price of
the products, and growth in the sales quantities of non-woven
materials and recycled chemical fibres. Gross profit increased
39.0% from the same period of 2010 to approximately RMB203.5
million. Profit attributable to owners of the Company rose 32.7% to
approximately RMB128.9 million. Basic earnings per share was
RMB16.11 cents. The Board recommends the payment of an interim
dividend of HK$3.5 cents per share for the Reporting Period.
During the Reporting Period, the turnover of non-woven fabrics
and recycled chemical fibers reached RMB508.4 million and RMB141.8
million, respectively, representing increases of 53.9% and 55.1%
over the same period of 2010.
In July 2011, the Company issued US$30,000,000 convertible bond
to CITIC Capital China Access Fund Limited, an investment fund
managed by a subsidiary of CITIC Capital Holdings Limited. The
Group will obtain sufficient funding to support its business
expansion and also strengthen its shareholder base in the
future.
Mr. Chim Wai Kong, Chairman and Executive Director of COSTIN
said, "The Group will continue to expand its production capacity
with new production facilities to strengthen its competitiveness
and leadership in the industry. The Group's new production line
with an annual production capacity of 18,000,000 square meters of
high-thermal resistance filtration materials is expected to
commence operation in September 2011. Moreover, the Company expects
to commence production of composite materials in the third-quarter
of 2012, with a targeted annual production capacity of 22,500,000
square meters. In addition, the Group will establish new production
facilities for recycled chemical fibres to boost annual production
capacity from the current 42,000 tons annually to approximately
162,000 tons annually in 2014. COSTIN is striving to become a
leading enterprise in the non-woven materials and recycled chemical
fibres markets in the PRC."
Contacts:
Mr. Eric Yip
+852-2117-0861/+852-9621-5918
[email protected]
SOURCE COSTIN New Materials Group Limited