China's Zhongding reports 2018 profit drop on raised revenue

摘要

XUANCHENG, CHINA: China's largest non-tire rubber product maker Zhongding saw its 2018 net profit drop 1% year-on-year to €148 million(1.1 billion yuan), according to its annual report released in April.Revenue over the period rose by 5% to €1.6 billion.Net profit less non-recurring items fell by 6% to €125 million.Nearly all of the company's products target the automotive industry, said the annual report, and it has become one of the global leaders in several NEV segments such as battery cooling, motor sealing and damping and noise reduction, helped by its takeover of German's Tristone Flowtech Holding in 2017.Against headwinds on the overall automotive sector, China's NEV sales jumped 62% to 1.3 million units in 2018, according to the China Association of Automobile Manufacturers.Zhongding posted €155 million sales to NEV makers last year, up 27% from 201 7.