Fuwei Reports Narrowed Net Loss; Shares Rise in Pre-market
The stock in Fuwei Films Holdings Ltd. (Nasdaq: FFHL) was trading up 6 percent in pre-market Thursday, at $2.19 per American depositary share, after the company posted increased sales and a diminished net loss for the first quarter.
Fuwei, which makes BOPET plastic films and is based in Shandong, reported after markets closed Wednesday that its net loss diminished 59 percent in the three months through March, to $500,000, or 15 cents per share. Revenue rose 6 percent to $12.1 million, compared with $11.2 million a year ago.
"While we continue to face headwinds due to oversupply in the marketplace, we are encouraged by continued positive trends in overall sales, sales of specialty films and improvement in gross margin. We believe our commitment to innovation and R&D has expanded the end-user applications of our films that will enable the Company to capitalize on new opportunities despite challenging industry and economic conditions," the chairman and chief executive officer of Fuwei, Zengyong Wang, said in the statement.
Fuwei products include printing and stamping film, aluminum plating, heat-sealable, and laser holographic films, of which stamping and transfer film generate the majority of the sales, as shown above. The company has said it plans to increase its product offerings to different market sectors, such as electronics.
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