SHANGHAI, Aug. 8 (SMM) – Shenzhen GEM High-Tech Co.’s interim report indicated a 40.20% year-on-year growth in its net profit for the first half this year, as the company’s e-waste recycling business hit full steam and as its sales revenue from its major products increased.
The company made a net profit of 100.15 million yuan ($16.23 million) in the first six months, it told Shenzhen Stock Exchange today.
Shenzhen GEM’s e-waste recycling operations swung into full capacity in the first half, allowing the company to disassemble more than 2 million units of e-waste during the reporting period. Its sales revenue from e-waste recycling business jumped 115.71% from a year ago to 319.38 million yuan, largely contributing to a profit growth. The company also benefited from increasing sales revenue from other major businesses, including nickel, cobalt and tungsten.
Shenzhen GEM has completed construction of its Ni-Cr-Mn battery material project in advance during H1, with the project now under equipment calibration. In addition, it also finished construction works on its scrap car recycling project in Wuhan and broke ground for the scrap auto recycling base in Tianjin.
The company is now optimistic over outlook for Q3 development, and expects a year-on-year rise in profit through the first three quarters.
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