HARBIN, China, May 10, 2016 /PRNewswire/ -- China XD Plastics
Company Limited (NASDAQ: CXDC, "China XD Plastics" or the
"Company"), one of China's leading
specialty chemical companies engaged in the development,
manufacture and sale of polymer composite materials primarily for
automotive applications, today announced its financial results for
the first quarter ended March 31,
2016.
First Quarter 2016 Financial
Highlights
- Revenue was $215.0 million, a decrease of 3.1% YoY and
21.2% sequentially
- Gross profit was $34.8 million, a decrease of 28.4% YoY
and 32.9% sequentially
- Gross margin of 16.2% decreased 570 basis points YoY and 280
basis points sequentially
- Net income was $11.4 million, a decrease of 55.1% YoY and
57.5% sequentially
- Total volume shipped was 76,755 metric tons, up 10.7% YoY and a
decrease of 20.3% sequentially
"Our first quarter 2016 results were consistent
with stabilizing industry fundamentals as domestic revenues
increased significantly," said Jie
Han, Chairman of the Board of Directors and Chief Executive
Officer. "However, our overseas sales fell substantially and
impacted our average selling price and gross margin. As
previously disclosed, the collection of the outstanding balance due
from an overseas customer is
virtually complete with a small remaining balance to be
collected within the second quarter. To buoy our overseas efforts,
we have completed testing trials and a pilot trial is also underway
with one of the new customers we have been working with and
commercial orders are expected to be received in the second quarter
of 2016."
Mr. Han continued, "We remain focused on maintaining our
position as an industry leader in China's auto market while also strategically
expanding our business into new markets. Our expansion in
Sichuan will enable us to more
effectively market our products and provide timely service to our customers in the market and its
neighboring regions. In particular, the Southwest region is rapidly
becoming a major auto manufacturing hub as well as a center for
high speed rail, shipping and aviation. The new facility in
Sichuan will include
state-of-the-art and precision equipment that will facilitate
product deployment into an array of high growth verticals. We plan
to begin production in our new Sichuan facility in the second half of this
year with an expected 60,000 metric tons of production
capacity. When fully operational, the Sichuan plant will increase our total
production capacity by 300,000 metric tons."
" We continue to stay ahead of the competition by
working closely with our customers and offering new products with
more cost-efficient formulations. Our ability to generate a
10.7% increase in sales volume in the first quarter was driven by
our technological prowess as well as by the momentum in customer
acquisition and the ability for us to increase commercial order
sizes among our existing customers in the attractive Southwest and
East China markets. We have already begun to penetrate the
Southwest and East China markets with year-over-year revenue growth
in these regions of 80.5% and
15.3%, respectively. These
are critical points of differentiation for China XD Plastics among
our peers."
"We are pleased to announce that our new facility in
Dubai will be operational as of
this quarter as Phase 1 was completed last year with plant capacity
capable of producing 2,500 metric tons. Phase 2 of
Dubai will add 14,000 metric tons
of capacity and is currently under construction and expected to be
operational in early 2017. Our presence in Dubai will provide numerous advantages
including the development and production of high end products and
more active participation in markets in Europe, the Middle
East and other international regions."
"We continue to anticipate a steady recovery throughout the
Chinese automotive supply chain this year and reiterate our 2016
financial guidance. We believe that our deep customer relationships
and culture of innovation will
enable us to succeed in new applied plastics verticals and enable
us to optimally adapt to market conditions. We remain
confident in the resilience of our business model and our ability
to capitalize on our exciting growth opportunities," Mr. Han
concluded.
First Quarter 2016 Results
Revenues were $215.0 million in
the first quarter ended March 31,
2016, compared to $221.9
million in the same period of 2015, representing a decrease
of $6.9 million, or 3.1%. This
year-over-year decrease was primarily due to an 8.5% decrease in
the average selling RMB price of our products and 4.5% negative
impact from the exchange rate due to the weakening of the RMB against the US dollar,
offset somewhat by an approximate 10.7% increase in sales
volume.
Premium products (PA66, PA6, plastic alloy, PLA,
POM and PPO) in total accounted for 77.3% of revenues, compared to
78.4% in the prior year period. The Company continued to shift its
production mix from traditional Modified Polypropylene (PP) to
higher-end products, despite slight
pricing pressure on high average selling price products during the first quarter of 2016.
Gross profit was $34.8 million in
the quarter ended March 31, 2016,
compared to $48.6 million in the same
period of 2015, representing a decrease of 28.4% or $13.8 million. Our gross margin decreased to
16.2% during the quarter ended March 31,
2016 from 21.9% during the same quarter of 2015 primarily
due to a lower sales contribution and a lower gross margin of
higher-end products sold in the overseas markets to an overseas
customer for the first quarter ended March
31, 2016 as compared to that of the prior year.
General and administrative (G&A) expenses
were $5.1 million in the quarter
ended March 31, 2016 compared to
$5.0 million in the same period in
2015, representing an increase of 2.0%, or $0.1
million. This increase is primarily due to an increase of
$0.5 million in profession fees,
offset by the decrease of $0.4
million in taxation expenses.
Research and development (R&D) expenses were $4.9 million during the quarter ended
March 31, 2016, compared with
$5.8 million during the same period
in 2015, a decrease of 15.5% or $0.9
million. This decrease reflects the Company's efforts
to adjust R&D activities on new products primarily for
industrialized applications from automotive to other advanced
fields such as ships, airplanes, high-speed rail, 3D printing
materials, biodegradable plastics, medical devices and other fields
and thus fewer active projects during this R&D directional
shift. As of March 31, 2016, we were
engaged in 169 ongoing
research and development projects.
Total operating income was $24.5 million in the first quarter ended
March 31, 2016, compared to
$37.6 million in the same period
of 2015, representing a decrease of 34.8% or $13.1 million. This decrease is primarily due to
lower gross profit, partially offset by lower R&D expenses.
Net interest expense was $9.3
million for the three-month period ended March 31, 2016, compared to net interest expense
of $8.2 million in the same period of
2015, primarily due to (i) $0.3
million interest expenses increase resulting from the
average loan balance of $415.9
million bearing a weighted interest rate of 5.77% for
the three month ended March 31,
2016 as compared to $383.7
million bearing a weighted interest rate of 5.64% for the
three months ended March 31, 2015,
leading to more interest expense; and (ii) an decrease
of $0.8 million interest income due
to the decrease of average deposit balance in the amount of
$360.8 million bearing a weighted
average interest rate of 1.72% for the three months ended
March 31, 2016 compared to
$316.6 million bearing a weighted
average interest rate of 2.99% in 2015, leading to the decrease of
interest income.
The effective income tax rates for the three-month periods ended
March 31, 2016 and 2015 were 28.5%
and 14.3%, respectively. The effective income tax rate for the
three-month period ended March 31,
2016 differs from the PRC statutory income tax rate of 25%
primarily due to (i) operating losses of entities not subject to
income tax decreased the consolidated income before income
taxes for the three-month ended March 31,
2016; (ii) non-deductible expenses incurred in the PRC
operating entities; partially offset by (iii) R&D bonus
deduction of the major PRC operating entities; and (iv) Sichuan
Xinda Group's preferential income tax rate.
Net income was $11.4 million in
the quarter ended March 31, 2016,
compared to $25.4 million for the
same period of the prior year, representing a decrease of 55.1% or
$14.0 million. Basic and diluted
earnings per share were $0.17,
compared to $0.39 per basic and
diluted share in the first quarter of 2015.
The average number of shares used in the computation of basic
and diluted earnings per share for the three months ended
March 31, 2016 was 49.4 million,
compared to 49.2 million in the prior year period.
EBITDA was $33.9
million for the first quarter of 2016, compared to EBITDA of
$46.3 million in the same period of
2015, representing a decrease of 26.8%, or $12.6 million. For a detailed
reconciliation of EBITDA, a non-GAAP measure, to its nearest GAAP
equivalent, please see the financial tables at the end of this
release.
Financial Condition
As of March 31, 2016, the Company
had $43.1 million in cash and cash
equivalents, $300.9 million in time
deposits with commercial banks, $166.8
million in working capital (current assets minus current
liabilities) and a current ratio (current assets divided by current
liabilities) of 1.2. Stockholders' equity as of March 31, 2016 was $594.6
million, compared to $578.0
million as of December 31,
2015.
Inventories increased by 32.8% as a result of more purchases
made by the Company to take advantage of the lower purchase price
of the raw materials and the Company's strategy to stock up the
inventory and prepare for the Sichuan plant opening. Prepayment to
equipment suppliers decreased by 82.8% and was due to the equipment delivered
to Dubai.
The aggregate short-term and long-term bank loans increased by
9.4%, or $37.0 million, as we
utilized existing lines of credit while maintaining an asset to
liability ratio at a healthy level. We define the asset to
liability ratio as the sum of aggregate short-term and long-term
loans, and notes payable over total assets. As of
March 31, 2016, notes payable was
$145.9 million under the 11.75%
guaranteed senior notes due in 2019, net of discount.
Recent Event
The Company recently participated in the Chinaplas 2016 Expo,
Asia's premier plastics trade
fair, held from April 25 to April 28
in Shanghai, China. In
addition to demonstrating its commitment to lighter, safer and more
environmentally-friendly automobiles, China XD Plastics also
demonstrated its new applied plastics technologies in new growth
verticals, including 3-D printing technology. The Company is
increasingly focused on applying its high value-add technology to
new growth verticals, and the Expo was a good opportunity to meet
important industry players and garner new customers in these new
fields.
Business Outlook and Guidance
The Company reiterates its financial guidance for fiscal 2016
with revenue to range between $1.0 billion
and $1.1 billion and net income to range between
$100.0 million to $110.0 million.
This is based on the anticipation of a steady recovery throughout
the Chinese automotive supply chain, the Company's belief in its
ability to secure new customers and a stabilization of crude oil
pricing and its impact on polymer composite materials in 2016. This
forecast also assumes contributions from the Sichuan plant, which will start production in
the second half of 2016. It also assumes the average exchange
rate of the US dollar to RMB at 6.5. This financial guidance
reflects the Company's preliminary view of its business outlook for
fiscal 2016 and is subject to revision based on changing market
conditions at any time.
Conference Call
China XD Plastics' management will host a conference call at
9:00 a.m. ET on Tuesday, May 10, 2016, to discuss its first
quarter of 2016 financial results. The conference call can be
accessed by dialing +1 (855) 298-3404 (for callers in the U.S.),
+86-4001-200-539 (for Mainland China callers) or +852 5808 3202
(for Hong Kong callers) and
entering
A recording of the conference call will be available through
May 17, 2016, by calling +1 (866)
846-0868 (for callers in the U.S.) and entering pass code
4029141.
A live webcast and replay of the conference call will be
available on the investor relations page of the Company's website
at http://www.chinaxd.net.
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned
subsidiaries, develops, manufactures and sells polymer composites
materials, primarily for automotive applications. The Company's
products are used in the exterior and interior trim and in the
functional components of 28 automobile brands manufactured in
China, including without
limitation, Audi, Mercedes Benz,
BMW, Buick, Chevrolet, VW Passat, Golf and Jetta, Mazda, and
Toyota. The Company's wholly-owned research center is dedicated to
the research and development of polymer composites materials and
benefits from its cooperation with well-known scientists from
prestigious universities in China.
As of March 31, 2016, 369 of the
Company's products have been certified for use by one or more of
the automobile manufacturers in China. For more information, please visit the
Company's English website at http://www.chinaxd.net, and the
Chinese website at http://www.xdholding.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the Company's growth
potential in international markets; the effectiveness and
profitability of the Company's product diversification strategy;
the impact of the Company's product mix shift to more advanced
products and related pricing policies; the volatility of the
Company's operating results and financial condition; the Company's
ability to raise additional capital to finance the Company's
activities; the Company's and its subsidiaries' ability to fully
perform all of their obligations under the guaranteed senior notes
transaction and other contractual obligations applicable to them;
the effectiveness, profitability, and the marketability of its the
ongoing mix shift to more advanced products; the prospect of the
Company's Dubai facility, and the
associated expansion into Middle
East, Europe and other
parts of Asia; the prospect of the
Company's Southwest China
facility, and its penetration into Southwest China; the impact of volatile crude
oil prices on the Company's efforts to diversify its product
offers; market for plastic resins; legal and regulatory risks; the
Company's projections of its revenues for performance in fiscal in
2016; the Company's ability to execute its growth strategy and the
effectiveness of its marketing strategy; the future trading of the
common stock of the Company; the Company's ability to operate as a
public company; the period of time for which its current liquidity
will enable the Company to fund its operations; general economic
and business conditions; the volatility of the Company's operating
results and financial condition; the Company's ability to attract
or retain qualified senior management personnel and research and
development staff; and other risks detailed in the Company's
filings with the Securities and Exchange Commission and available
on its website at http://www.sec.gov. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations, assumptions, estimates and
projections about the Company and the industry. The Company
undertakes no obligation to update forward-looking statements to
reflect subsequent occurring events or circumstances, or to changes
in its expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these forward
looking statements are reasonable, it cannot assure you that its
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
Contacts:
China XD Plastics
Mr. Taylor Zhang, CFO
(New York)
Phone: +1 (212) 747-1118
Email: cxdc@chinaxd.net
Investor Relations: Grayling Communications Inc.
Ms. Vivian Chen, Managing
Director
US: +1 (347) 481-3711
Email: Vivian.chen@grayling.com
- Financial Tables Follow -
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
March
31,
2016
|
|
|
December
31,
2015
|
|
|
|
US$
|
|
|
US$
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
43,055,238
|
|
|
|
119,928,485
|
|
Restricted
cash
|
|
|
51,723,198
|
|
|
|
50,852,327
|
|
Time
deposits
|
|
|
300,872,903
|
|
|
|
237,626,806
|
|
Accounts receivable,
net
|
|
|
179,598,690
|
|
|
|
234,542,739
|
|
Amounts due
from a related party
|
|
|
61,633
|
|
|
|
244,836
|
|
Inventories
|
|
|
391,548,948
|
|
|
|
294,665,195
|
|
Prepaid expenses and
other current assets
|
|
|
50,661,076
|
|
|
|
15,675,848
|
|
Total current
assets
|
|
|
1,017,521,686
|
|
|
|
953,536,236
|
|
Property, plant and
equipment, net
|
|
|
807,047,664
|
|
|
|
571,746,507
|
|
Land use rights,
net
|
|
|
24,556,562
|
|
|
|
24,506,837
|
|
Prepayments to
equipment and construction suppliers
|
|
|
31,611,141
|
|
|
|
183,226,006
|
|
Other non-current
assets
|
|
|
19,096,297
|
|
|
|
18,966,622
|
|
Total
assets
|
|
|
1,899,833,350
|
|
|
|
1,751,982,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS'
EQUITY
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term bank
loans, including current portion of long-term bank loans
|
|
|
323,997,710
|
|
|
|
284,339,089
|
|
Bills
payable
|
|
|
33,213,025
|
|
|
|
33,522,287
|
|
Accounts
payable
|
|
|
258,142,758
|
|
|
|
257,417,000
|
|
Amounts due to a
related party
|
|
|
10,041
|
|
|
|
8,439
|
|
Income taxes
payable
|
|
|
3,816,130
|
|
|
|
6,881,946
|
|
Accrued expenses and
other current liabilities
|
|
|
231,523,824
|
|
|
|
140,988,712
|
|
Total
current liabilities
|
|
|
850,703,488
|
|
|
|
723,157,473
|
|
Long-term bank loans,
excluding current portion
|
|
|
104,812,604
|
|
|
|
107,481,709
|
|
Notes
payable
|
|
|
145,926,833
|
|
|
|
145,634,996
|
|
Deferred
income
|
|
|
66,514,797
|
|
|
|
62,039,050
|
|
Other non-current
liabilities
|
|
|
39,747,011
|
|
|
|
38,046,917
|
|
Total
liabilities
|
|
|
1,207,704,733
|
|
|
|
1,076,360,145
|
|
|
|
|
|
|
|
|
|
|
Redeemable Series
D convertible preferred stock (redemption amount of
US$191,002,600 and US$184,461,800 as of March 31, 2016 and December
31, 2015)
|
|
|
97,576,465
|
|
|
|
97,576,465
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Series B preferred
stock
|
|
|
100
|
|
|
|
100
|
|
Common stock,
US$0.0001 par value, 500,000,000 shares authorized, 49,427,191
shares and 49,344,284 shares issued, 49,406,191 shares and
49,323,284 shares outstanding as of March 31, 2016 and
December 31, 2015, respectively
|
|
|
4,941
|
|
|
|
4,933
|
|
Treasury stock,
21,000 shares at cost
|
|
|
(92,694)
|
|
|
|
(92,694)
|
|
Additional paid-in
capital
|
|
|
82,142,104
|
|
|
|
81,919,932
|
|
Retained
earnings
|
|
|
526,913,335
|
|
|
|
515,555,985
|
|
Accumulated other
comprehensive loss
|
|
|
(14,415,634)
|
|
|
|
(19,342,658)
|
|
Total stockholders'
equity
|
|
|
594,552,152
|
|
|
|
578,045,598
|
|
Commitments and
contingencies
|
|
|
-
|
|
|
|
-
|
|
Total liabilities,
redeemable convertible preferred stock and stockholders'
equity
|
|
|
1,899,833,350
|
|
|
|
1,751,982,208
|
|
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
|
|
Three-Month Period
Ended March 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
US$
|
|
|
US$
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
215,030,158
|
|
|
|
221,926,395
|
|
Cost of
revenues
|
|
|
(180,216,507)
|
|
|
|
(173,284,119)
|
|
Gross
profit
|
|
|
34,813,651
|
|
|
|
48,642,276
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
(285,136)
|
|
|
|
(296,820)
|
|
General and
administrative expenses
|
|
|
(5,069,674)
|
|
|
|
(4,964,758)
|
|
Research and
development expenses
|
|
|
(4,909,567)
|
|
|
|
(5,813,863)
|
|
Total operating
expenses
|
|
|
(10,264,377)
|
|
|
|
(11,075,441)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
24,549,274
|
|
|
|
37,566,835
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
1,614,263
|
|
|
|
2,428,071
|
|
Interest
expense
|
|
|
(10,904,659)
|
|
|
|
(10,629,353)
|
|
Foreign currency
exchange losses
|
|
|
427,665
|
|
|
|
(90,415)
|
|
Gains on foreign
currency forward contracts
|
|
|
-
|
|
|
|
354,519
|
|
Government
grant
|
|
|
208,433
|
|
|
|
-
|
|
Total non-operating
expense, net
|
|
|
(8,654,298)
|
|
|
|
(7,937,178)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
15,894,976
|
|
|
|
29,629,657
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
(4,537,626)
|
|
|
|
(4,225,631)
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
11,357,350
|
|
|
|
25,404,026
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
0.17
|
|
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
11,357,350
|
|
|
|
25,404,026
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
|
|
4,927,024
|
|
|
|
(164,760)
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
16,284,374
|
|
|
|
25,239,266
|
|
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
Three-Month Period
Ended March 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
US$
|
|
|
US$
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
|
(25,403,676)
|
|
|
|
37,529,772
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of time
deposits
|
|
|
(155,330,882)
|
|
|
|
(110,597,161)
|
|
Proceeds from
maturity of time deposits
|
|
|
94,362,745
|
|
|
|
80,026,889
|
|
Purchase of and
deposits for property, plant and equipment
|
|
|
(27,399,896)
|
|
|
|
(86,042,231)
|
|
Purchases of land use
rights
|
|
|
-
|
|
|
|
(5,522,219)
|
|
Net cash used in
investing activities
|
|
|
(86,307,678)
|
|
|
|
(122,134,722)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from bank
borrowings
|
|
|
166,914,532
|
|
|
|
203,658,524
|
|
Repayment of bank
borrowings
|
|
|
(131,602,645)
|
|
|
|
(111,397,430)
|
|
Proceeds from
exercise of options
|
|
|
21,341,912
|
|
|
|
-
|
|
Placement of
restricted cash as collateral for bank borrowings
|
|
|
(21,954,042)
|
|
|
|
(22,298,692)
|
|
Net cash provided
by financing activities
|
|
|
34,699,757
|
|
|
|
69,962,402
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign
currency exchange rate changes on cash and cash
equivalents
|
|
|
138,350
|
|
|
|
384,182
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
(76,873,247)
|
|
|
|
(14,258,366)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
|
119,928,485
|
|
|
|
45,456,612
|
|
Cash and cash
equivalents at end of period
|
|
|
43,055,238
|
|
|
|
31,198,246
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
Interest paid, net of
capitalized interest
|
|
|
14,380,560
|
|
|
|
14,508,630
|
|
Income taxes
paid
|
|
|
6,874,104
|
|
|
|
2,215,158
|
|
Non-cash investing
and financing activities:
|
|
|
|
|
|
|
|
|
Accrual for issuance
costs of the Notes
|
|
|
-
|
|
|
|
-
|
|
Accrual for purchase
of equipment
|
|
|
93,422,837
|
|
|
|
14,224
|
|
CHINA XD PLASTICS
COMPANY LIMITED
|
Reconciliation of Net
Income to EBITDA
|
|
Three Months
Ended
|
|
March 31,
|
|
2016
|
2015
|
Net Income
|
11,357,350
|
25,404,026
|
Interest
Expense
|
10,904,659
|
10,629,353
|
Income Tax
Expense
|
4,537,626
|
4,225,631
|
Depreciation and
amortization expense
|
7,148,847
|
6,025,968
|
EBITDA
|
33,949,482
|
46,284,978
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-xd-plastics-announces-first-quarter-2016-financial-results-300265596.html
SOURCE China XD Plastics Company Limited