SINGAPORE (June 24): Sinostar PEC Holdings, which refines petrochemical products, was able to post healthy earnings growth in 1QFY2019, owing to additional production capacity from a second plant. The company is now investing in additional capacity that will help it shift its production mix to higher-value downstream products.
For 1QFY2019 ended March 2019, the company grew its revenue by 85% y-o-y to RMB979.5 million ($193.4 million), from RMB528.3 million in 1QFY2018. Its second plant — acquired last December — contributed to 66% of total revenue, partially offsetting the decrease in revenue from its processed liquidied petroleum gas (LPG), propylene and logistics and transport-related sector.
Overall, earnings for the quarter rose 82% y-o-y to RMB38.8 million.
