Nanjing, Jiangsu – System house Hongbaoli posted a 27% year-on-year drop in net profit over the first nine months of 2017 to CNY55m ($8m), according to its 2017 Q3 report released in October.
Revenue during the same period, however, rose by 27% to CNY1.7bn.
Increased sales volume and rising feedstock price have caused the nine-month profit drop, said the Q3 report.
Nevertheless, the company has been able to raise its product prices to counter such impact. In Q3 alone, net profit picking up by 26% year on year to CNY14m; revenue rose by 21% to CNY547m.
The company’s 120kT/year propylene oxide project is still under construction.
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