China’s Richful Lube Additives Co. reported an 88% jump in net profit for and a 58% rise in sales revenue for the first quarter, compared to the same quarter last year.
According to Richful’s stock exchange filing, the company reported net profit of ¥96.8 million (U.S. $13.4 million) for the quarter ended March 31, improving from ¥51.5 million.
Sales revenue for Richful rose to ¥624 million in the first quarter, compared to ¥396.3 million.
Richful’s facility at its Xingxiang, Henan province headquarters location has capacity to produce about 100,000 metric tons per year of additive components and 15,000 t/y in packages.
The company manufactures additive packages for passenger car engine oils, heavy-duty engine oils and anti-wear hydraulic oils.