Tianhe Chemicals Groups lubricant additives segment recorded a 24 percent higher gross profit in 2016, according to a filing that also informed the Hong Kong Stock Exchange that it will not meet deadlines for publishing audited results and an annual report again this year.
Tianhe, which also supplies fluorochemicals, recorded a combined gross profit of approximately 1.4 million yuan (U.S. $202,700), which represents a 46.8 percent drop from the year before.
The Chinese firm did not separate the unaudited summary figures by division, but noted that its lubricant additives revenue was up 6 percent from the year before, which it credited to increased exports.
According to Chairman and Executive Director Wei Qi, a government order to relocate some of its fluorochemicals facilities to a fluoride industrial park caused a significant negative impact to the production, sales and performance of [that] segment, which he said will likely extend through the end of this year as the company undergoes the relocation process.
Tianhe, which claims to be the largest Asian lube additives supplier, is still waiting for the stock exchanges consent to publish all outstanding financial results.
In March 2015, the Jinzhou City-based firm was suspended from trading its stock due to missing the deadline to file its 2014 annual results. To date, the particulars of that years report havent met the exchanges satisfaction, which means publication of all subsequent reports has been put on hold as well.
According to the exchanges rules, audited results for the full year of 2016 were due last week, and an annual report is due by April 30.
Under the guidance of its independent auditor, Hong Kong-basedZhonghui Anda CPA, Tianhe submitted a draft of the 2014 results in late January and has been compiling all other required reports along the way. The company has been using, and will continue to use, its best endeavors to cooperate with the stock exchange … to publish all the outstanding financial results as soon as possible.