Chinese lubricants blender Copton Tech Co. reported higher net profit and sales revenue for the quarter ending Sept. 30 last year. A decrease in automotive lube sales was offset by a 44% surge in industrial lubricant sales revenue.
Copton reported net profit of ¥11 million (U.S. $1.5 million) in the third quarter, a 39% jump from ¥8 million. Sales revenue rose 54% to ¥261.5 million, compared to ¥169.9 million.
The company highlighted third-quarter sales revenue, sales volume and production volume for its product segments, including automotive and industrial lubricants, in a separate operating data report. Combined, automotive and industrial lubricants sales comprised 77% of ¥193 million in sales in the third quarter, with antifreeze and exhaust gas treatment fluid accounting for the remaining 23%.
Copton’s sales of automotive lubricants decreased 2% to ¥121.1 million in the third quarter, compared to the same period in 2022. Automotive lubricant sales volume increased 4% to 8,717 tons, while its production volume rose 12% to 9,753 tons.
The company’s industrial lubricant sales revenue jumped to ¥25.9 million in the third quarter, compared to ¥18 million. Sales volume for its industrial lubricants surged to 2,429 tons, compared to 1,657 tons. Production volume for industrial lubricants climbed 35% to 2,482 tons. Based in Qingdao, Shandong province, the company manufactures a variety of lubricants under the Copton brand.