China Rerun Chemical Group Ltd Trading Statement (3869D)
28 March 2014 - 6:01PM
UK Regulatory
TIDMCHRR
RNS Number : 3869D
China Rerun Chemical Group Ltd
28 March 2014
CHINA RERUN CHEMICAL GROUP LTD
("China Rerun" or the "Company")
Trading Update
China Rerun Chemical Group Ltd (CHRR.L), the producer of
lubricant products for the domestic automotive, industrial and
agricultural markets in the People's Republic of China ("PRC"),
makes the following update on trading ahead of its half yearly
results to be announced in May 2014.
Unaudited results for the period from 1 September 2013 to 28
February 2014 ("H1" or the "period")
-- Sales for the period grew by 34.4% to RMB164.7m (H1 2013:
RMB122.5m) and like-for-like sales volume was 8.1 million litres,
up 31.7%. The growth in sales and volume were driven by an increase
in demand particularly for the Company's car petrol engine,
construction and agricultural oils. In addition, the Company has
increased the range of construction and agricultural oils to meet
market demand.
-- Gross margins have continued to improve and were 30.8% for
the period (FY 2013: 26.1% and H1 2013: 27.3%), as a result of
selling higher quality products and benefitting from economies of
scale as volumes have increased.
-- The number of distributors has increased to 42 (H1 2013: 28)
with six additional distribution partners appointed since the last
financial year ended 31 August 2013.
-- The Company is pleased to announce that China Rerun has been
accredited as a training centre by the Economic and Management
College of China University of Petroleum. The training centre will
offer an Executive Master of Business Administration programme for
delegates in the oil and gas sectors. The management believes this
important accreditation will enhance the Company's reputation and
raise brand awareness.
Mr Xinghe Wu, Chairman of China Rerun, said: "I am pleased to
report that we continue to make good progress in growing our
lubricant oils business. We remain resolutely focused on creating
shareholder value, and the Company is seeking out good value
opportunities to enhance profitability and our brand
awareness."
Indicative exchange rate as at 27 March: GBP1: RMB 10.17
Source: www.oanda.com
For enquiries, please visit www.chinarerun.com/or contact:
China Rerun Xinghe Wu +86 459 666 9777
Yan Liu www.chinarerun.com/
Nick Lyth +44 776 990 6686
-------------------------- ----------------------- -----------------------------
Cairn Financial Advisers
LLP Jo Turner
(Nominated Adviser) Liam Murray +44 20 7148 7900
-------------------------- ----------------------- -----------------------------
Beaufort Securities
Limited
(Broker) Guy Wheatley +44 20 7382 8300
-------------------------- ----------------------- -----------------------------
Cardew Group Shan Shan Willenbrock +44 20 7930 0777
(Financial PR) Georgina Hall
Tom Horsman chinarerun@cardewgroup.com.
-------------------------- ----------------------- -----------------------------
Notes to Editors
China Rerun Chemical Group Ltd is an established and profitable
producer of lubricant products for the PRC's domestic automotive,
industrial and agricultural markets. Based in Daqing, northeastern
China, it operates principally under the "Runyuan" and "Black E"
brands. The Group's products are sold to end users through a
network of third party distributors, some of whom operate branded
automotive garages.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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