Jiutian Chemical Group’s 1QFY2021 ended March earnings of RMB90.3 million ($18.5 million) beat CGS-CIMB Research’s expectations, making up 41% of its full-year estimates.

The earnings, which increased 31-fold y-o-y, were driven by higher-than-expected average selling prices (ASP) for both its dimethylformamide (DMF) and methylamine (MA) products following robust downstream demand.

Revenue grew by 120% y-o-y for the period while gross profit margin expanded to 31.5%.

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