Chinese lubricants blender Qingdao Copton Tech Co. reported decreases in the 40% range for its net profit and operating income for the first quarter. Sales of lubricants fell by more than 40%, while industrial lubricant sales decreased 3%.
Copton’s first-quarter net profit fell 39% to ¥30.6 million (U.S. $4.5 million), down from ¥50.5 million in the same period in 2021.
Sales revenue dropped 41% to ¥221 million, compared to ¥372.7 million.
In a separate operating data report, the company summarized first quarter sales revenue, sales volume and production for its various product segments. Together, automotive and industrial lubricants sales accounted for 99% of the company’s ¥214.9 million in sales in the first quarter, with antifreeze and car care products accounting for the remainder.
Automotive lubricant sales slid 43% to ¥180.5 million in the first quarter, down from ¥318.7 million. Automotive lubricant sales volume was down 48% at 11,246 tons, from 21,789 tons, while production volume fell by 53% to 11,124 tons.
Industrial lubricant sales decreased ¥31.4 million for the first quarter, compared to ¥32.4 million. Sales volume for industrial lubricants slipped 11% to 3,102 tons, and production volume was down 4% at 2,909 tons. The company, based in Qingdao, Shandong province, manufactures a variety of lubricants, marketing them under the Copton brand.