Chinese lubricants blender Qingdao Copton Tech Co. reported a 12% increase in first quarter net profit, compared to the same period of 2022, and a 68% jump in sales revenue as a strong increase in automotive lubricant sales more than offset a decline for industrial products.
Copton said its first-quarter net profit increased to ¥34.7 million (U.S. $4.8 million), improving from ¥30.7 million. Sales for the quarter surged to ¥370.9 million, compared to ¥221.4 million during the first quarter of last year.
In a separate filing, the company summarized first quarter sales revenue, sales volume and production volume for its various product segments. Combined, automotive and industrial lubricants sales accounted for 79% of the company’s ¥325.8 million in sales in the first quarter. Antifreeze and exhaust gas treatment fluid accounted for the remainder.
Automotive lubricant sales surged 43% to ¥258.2 million, improving from ¥180.5 million. Automotive lubricant sales volume rose 37% to 15,452 tons, while production volume increased 38% to 15,385 tons.
Industrial lubricant sales swung in the other direction, falling 25% to ¥23.5 million. Sales volume for industrial lubricants dropped 33% to 2,087 tons, and production volume declined 31% to 2,909 tons.
According to the second filing, prices in the first quarter for automotive lubricants increased 5% to ¥16,780 per metric ton, and prices for industrial lubricants rose 12% to ¥11,277.
The company, based in Qingdao, Shandong province, makes a variety of lubricants, marketing them under the Copton brand.