China-based plastic film manufacturer and distributor Fuwei Films reported net sales of RMB 103.1 million ($16.3 million) for the first trimester (Q1) of fiscal year 2022 (FY22).
This figure represents an increase of 1.5% compared to the corresponding period of the previous year.
For the three months to March 31, the company’s specialty film sales were RMB 71.9 million, or 69.8% of its total revenue, compared to 63.9% of its total revenue in the first quarter. 2021.
Fuwei Films recorded a gross profit of RMB 30.2 million in the first quarter of 2022, compared to a gross profit of RMB 42.5 million the previous year, while its gross margin for the quarter was 29.3%, against a gross margin of 41.8% in the first quarter of 2021.
Net profit attributable to the company increased from RMB 31.4 million in the first quarter of 2021 to RMB 17.1 million in the first quarter of this year.
The company’s operating profit for the first quarter of 2022 was RMB 16.45 million, while its basic and diluted net profit per share was RMB 5.24, compared to RMB 9.60 in the first quarter of FY21.
Fuwei Films Chairman and CEO Lei Yan said, “Despite the oversupply in the market and the ongoing coronavirus pandemic, we have achieved positive trends in overall sales, especially sales of special films. , including dry film base film, which accounted for 69.8% of our total revenue.
“Base film is a high added value and differentiated product, which is used to produce dry films that are applied to printed circuit boards.
“The increase in sales of base films for dry films shows that our customers recognize the quality of our products. We believe that order growth also helps improve the company’s financial performance.
Fuwei Films manufactures plastic films using the biaxial stretching technique through its wholly owned subsidiary, Shandong Fuwei.
These films are mainly used to wrap food, medicine, cosmetics, tobacco and alcohol, as well as products in other industries.