Chinese lubricants blender Qingdao Copton Tech Co. reported higher net profit and operating income for the first nine months of this year, compared to results in the same period last year. In the third quarter, sales revenue and volumes were lower for its automotive and higher for its industrial lube segments, compared to 2020’s third quarter.
Copton posted net profit of ¥95.4 million Chinese (U.S. $15 million) for the first nine months of this year, a 7% increase from ¥89 million in the same period in 2020. Operating income surged 18% to ¥860 million for the first three quarters of this year, up from ¥731.7 million.
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The company outlined third 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 91% of the company’s ¥160.2 million in sales in the third quarter, with antifreeze, car care products and non-road oil accounting for the remaining 9%.
Automotive lubricant sales fell 33% to ¥118.6 million in the third quarter, compared to results in the same period last year. Automotive lubricant sales volume was down 32% at 8,447 tons, while production volume was 29% lower at 10,714 tons.
Industrial lubricant sales were up 12% at ¥26.4 million for the third quarter. Sales volume for its industrial lubricants was 17% higher at 2,768 tons, while production volume rose 25% to 2,728 tons.
The company, based in Qingdao, Shandong province, manufactures a variety of lubricants and markets them under the Copton brand.