Chinese lubricant marketer Copton Technology Co.s third quarter profit more than doubled compared to the same period of 2018, thanks to a large jump in sales revenue and some cost control, according to a financial report filed Tuesday.
The company, which is based in Qingdao, Shandong province, reported a net profit of 12.9 million (U.S. $1.8 million) for the three months ended Sept. 30, up from 6.3 million for the third quarter of 2018. The company did not offer an explanation for the increase in its filing on the Shanghai Stock Exchange.
Total operating income jumped 37 percent year to year to 245.9 million, while total operating costs increased 33 percent to 172.5 million. Copton reported that selling expenses rose 39 percent to 32.9 million but that it reduced administrative expenses 26 percent to 14.3 million.
The filing noted that Copton receives a subsidy from Chinas government because its business aligns with national policies and regulations. For the third quarter that subsidy amounted to 1.5 million.