Hangzhou, 28th April: Last week, Shenzhen-listed Zhejiang Netsun reported its year-end financial results for 2016. Revenues in the year were US$47 million, up 84% compared with the previous year. However, net profit dropped by 30% year-on-year, falling down to US$1.8 million. Diluted earnings per share in 2016 were RMB 0.05 (US$0.0072).
The Hangzhou-based company attributed the increase in revenue to the strong performance of its online platform focused on the chemical industry in China. Revenues from Netsun’s chemical industry vertical were up 344% year-on-year, hitting US$30 million. Management attributed the decrease in profits to its cost base increasing.