Copton Reports Lower Profits

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Copton Reports Lower Profits

Chinese lubricants blender Qingdao Copton Tech reported a drop of more than 40% in net profit and a slight increase in operating income for the third quarter, compared to results in the same period last year. Its third-quarter sales of automotive lubricants rose 5%, but industrial lubricant sales fell 32%.

Copton posted net profit of ¥8 million (U.S. $1.1 million) for the third quarter, falling 45%. Operating income for the quarter increased 1% to ¥169.9 million.

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The company separately reported the third quarter sales revenue, sales volume and production for its product segments. Together, automotive and industrial lubricants sales accounted for 90% of the company’s ¥157.3 million in sales in the third quarter. Anti-freeze and car care products accounted for the remainder.

Automotive lubricant sales increased to ¥124.1 million in the third quarter, compared to ¥118.6 million in the same period last year. Automotive lubricant sales volume was down slightly at 8,410 tons, and production volume declined 19% to 8,696 tons, from 10,714 tons.

Industrial lubricant sales dropped to ¥18 million, compared with ¥26.4 million. Sales volume for its industrial lubricants declined 40% to 1,657 tons, from 2,768 tons, while production volume slid 33% to 1,842 tons, compared to 2,768 tons.

Based in Qingdao, Shangdong province, the company manufactures various lubricants under the Copton brand.

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