HONG KONG, Aug. 22, 2011 /PRNewswire-Asia/ — COSTIN New Materials Group Limited (“COSTIN” or the “Company”, together with its subsidiaries, the “Group”, stock code: 2228), which is principally engaged in the research and development, production and sales of non-woven materials and recycled chemical fibres, is pleased to announce its interim results for the six months ended 30 June 2011.
During the Reporting Period, the Group achieved turnover up approximately 54.3% to approximately RMB650.7 million, which was mainly attributable to an increase in the overall selling price of the products, and growth in the sales quantities of non-woven materials and recycled chemical fibres. Gross profit increased 39.0% from the same period of 2010 to approximately RMB203.5 million. Profit attributable to owners of the Company rose 32.7% to approximately RMB128.9 million. Basic earnings per share was RMB16.11 cents. The Board recommends the payment of an interim dividend of HK$3.5 cents per share for the Reporting Period.
During the Reporting Period, the turnover of non-woven fabrics and recycled chemical fibers reached RMB508.4 million and RMB141.8 million, respectively, representing increases of 53.9% and 55.1% over the same period of 2010.