Shanghai Asia's Q1 net profit jumps to RMB23.5m

SINGAPORE : Packaging solutions provider Shanghai Asia Holdings said it posted a net profit of RMB23.5 million for the first quarter ended March 31.

This was a 529 per cent increase compared to the RMB3.7 million profit recorded in the same period last year.

The company reported a revenue of RMB270.1 million for the first quarter, up 80 per cent from RMB149.7 million reported a year ago.

Shanghai Asia attributed its positive performance to higher prices for aluminium foil products and productivity gains from the group's Aluminium Foil Rolling (AFR) business.

The group expects its business performance to remain strong in line with China's economic growth and growing world demand for primary aluminium.