Midas Holdings Limited, the leading manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector in the People’s Republic of China, announced results for the three months ended March 31, 2017.
The company's net profit after tax jumped 187.6 per cent to RMB28.7 million compared to RMB10.0 million for the first quarter of 2017. “This was mainly due to higher revenue, higher other income due to unrealised foreign exchange gain and higher share of profits from its associated company, CRRC Nanjing Puzhen Rail Transport Co., Ltd.,” according to the company.
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Midas’ revenue rose to 31.3 per cent to RMB398.4 million compared to RMB303.5 million for the first quarter of 2017. The company said the increase was due to the inclusion of revenue of RMB76.6 million from the Group’s new Aluminium Alloy Stretched Plates Division acquired on July 27, 2016.
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“The Aluminium Alloy Stretched Plates Division accounted for 19.2% of total revenue in the quarter. The Aluminium Alloy Extruded Products Division’s revenue increased 6.0% to RMB320.8 million, contributing approximately 80.5% of total revenue to the quarter under review compared to 99.8% a year ago,” it said.
Commenting on company’s future outlook, Mr. Patrick Chew Chief Executive Officer of Midas said, “As a leading player in the PRC railway industry, Midas is well-positioned to capitalise on our growing range of quality aluminium alloy products and services to strengthen our competitive edge. With our enhanced operational capabilities, the Group will continue to harness synergistic benefits from an expanded product range across our value chain as well as broaden our customer base and industry coverage.”
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