Changtian Plastic & Chemical, the manufacturer of chemical-based products serving the packaging, water treatment and oil sectors, announced net profit jumped 385.8% to RMB55.4 million ($11.3 million) for the three months ended 31 March 2010 (1Q2010). Changtian says this was achieved on the back of a tripling of the group’s revenue to RMB229.2 million.

Revenue growth for 1Q2010 was mainly fuelled by higher sales for biaxially-oriented polyamide (BOPA) film and its specialty chemical: 2-Acrylamido 2-Methyl propane sulfonic acid (2-A2MPS). The group had seen a significant increase in orders from customers for its BOPA film and 2-A2MPS products from the second half of the financial year (2H09).

The BOPA film segment delivered a 143.0% growth in revenue to RMB80.6 million in 1Q2010, accounting for 35.2% of overall revenue. Sales of 2-A2MPS increased by a stellar 652.6% to RMB61.2 million and contributed to 26.7% of total revenue.

Other product segments within the group recorded improved sales as well. Revenue from adhesive tapes rebounded 77.3% to RMB37.0 million, while the release papers segment registered a 25.9% increase in sales to RMB17.6 million for the same period.

The group’s new product, UV cured release film, which commenced commercial sales in the 2H09, contributed RMB32.7 million or 14.3% of total revenue in 1Q2010.

As at 31 March 2010, the group has a net cash position with cash and cash equivalents of RMB494.2 million.