On January 30, Hengtong released the Announcement on its 2018 Performance Estimation. The net profit attributed to the shareholders was expected to increase RMB 210.88 million ~ 632.65 million ($31.15 million ~ 93.44 million) in 2018, increasing 10% ~ 30% over the same period of the previous year.
The main areas of growth in 2018 are as follows:
During the reporting period, Hengtong increased R & D investment and expansion capacity in optical communication core products, further enhanced key technical capabilities, promoted factories to be intelligent, and greatly enhanced its cost competitiveness. All these factors improved the company's business performance.
Meanwhile, Hengtong made a major breakthrough in technological innovation and market development in marine power, communications and systems integration services, resulting in its significantly-improved influence and industry position all over the world. What’s more, the order quantity and deliveries of EPC projects, 220kV and UHV cables significantly increased, driving the company's business performance growth.
Besides, Hengtong further expanded and optimized the overseas sales networks and the industrial layout, and actively promoted the overseas market coordinated expansion ability; while the overseas company profit ability enhanced steadily which benefits from cost control and technology research and development.
In addition, the announcement stated that the net profit from non-recurring gains and losses attributable to shareholders would increase RMB 95.31 million ~ 476.54 million ($14.08 million ~ 70.38 million), 5% ~ 25% increase year-on-year.