Yingde Gases Group Company Limited’s profit tumbled by 126.7% in its 2016 full-year financials, dropping from an income of RMB 536m ($78m) in 2015 to a loss of RMB 143m ($21m).
The net loss stems from impairment losses on plant, equipment and construction in progress as its profit from operations fell by 27.5% from RMB 1.9bn ($276m) to RMB 1.4bn ($204m). As at 31st December 2016, Yingde had a total of 70 facilities in operation and 13 under development.
However, Yingde’s revenue increased overall by 6.1% to RMB 8.4bn ($1.2bn) from RMB 7.9bn ($1.1bn) the year prior. The surge is mainly attributable to the start-up of two new onsite facilities and increased merchant sales and process from the provision of construction and operating services for downstream customers.
... to continue reading you must be subscribed
