China Sunsine Chemical Holdings, a world’s largest producer of rubber accelerator in China, announced their expected lower revenue and profit for 2020 in the stock exchange on May 26, as compared to last financial year ended on December 31, 2109. The company is scheduled to announce the unaudited financial results for a six-month period ending on June 30 by August 14.
Despite the fact of looming world economic crisis, the impact of Coronavirus pandemic for the group’s financial performance are not fully determined, the group’s spokesperson opined. China’s business activities might have been somewhat returned to normal, but many other countries are still trying to curb the pandemic and some have just begin to ease lockdowns and continuing their market activities.
The group March 31st record’s showing bank and cash balances of CNY1.35 billion ($188.5 million) and no debt. The spokesperson also stated that the group still committed to the original plans before Coronavirus outbreak and proceeding the expansion projects in phases. With the completion of the expansion projects, the group believes that it will heighten their market leadership position.
The announcement also stated that since the start of the global pandemic, no job cuts are implemented across all the business, and all the employees have returned to work. The production facilities now running at 70-80% due to the downtrend demand especially export markets. Between the month of January-May, the facilities produce and sold approximately 60,000 tons of rubber chemicals, and not expecting any material defaults from costumers.
