Fuwei Films: Surges as co swings to Q1 profit

Baijiayun

23/06/2020 12:01

** U.S.-listed shares of China-based plastic films
distributor  FFHL.O  rise >40% to $6.60 premarket 
    ** Co late on Monday posted Q1 net profit attributable of 13
mln yuan ($1.84 mln) compared with a net loss attributable of
3.4 mln yuan a year earlier  urn:newsml:reuters.com:*:nASA00UK7
    ** Q1 sales rose 2.7% to 83.2 mln yuan on higher prices
    ** Co says sales of specialty films, which accounts for
47.9% of total rev, rose 24% to 39.9 mln yuan due to higher
demand
    ** FFHL's plastic films are widely used to package food,
medicine, cosmetics, tobacco, and alcohol, as well as in the
imaging, electronics, and magnetic products industries
    ** Stock up ~66% YTD, as of last close


($1 = 7.0660 Chinese yuan)

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))