Chinese lubricants blender Qingdao Copton Tech Co. reported increases in net profit and operating income for the first half of this year, compared to the same period in 2020. In the second quarter, sales revenue and volume were up for both its automotive and industrial lube segments.
Copton reported net profit of ¥80.4 million Chinese (U.S. $12.5 million) for the first half of this year, rising 23% from ¥65.8 million in the same period in 2020. Operating income jumped 39% to ¥692.3 million for the first half of 2021, up from ¥496.7 million.
The company outlined second quarter sales revenue, sales volume and production for its various product segments – including automotive and industrial lubricants – in a separate operating data report. Together, automotive and industrial lubricants sales accounted for 89% of the company’s ¥308.1 million in sales in the second quarter, with antifreeze, car care products and non-road oils accounting for the remaining 11%.
Automotive lubricants sales increased 7% to ¥239.8 million in the quarter. Automotive lubricants sales volume was up 5% at 18,207 tons, while production volume fell 4% to 13,304 metric tons.
Industrial lubricants sales jumped 41% to ¥33 million for the quarter, improving from ¥23.4 million. Sales volume for its industrial lubricants reached 3,534 tons, 22% higher, while production volume rose 40% to 3,338 tons. The company, based in Qingdao, Shandong province, manufactures a variety of lubricants under the Copton brand.