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Hangzhou First Applied Material's H1 Profit to Jump By 75%

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Hangzhou First Applied Material (SHA:603806) expects its net profit attributable to owners for the first half to jump by 75% to 869.3 million yuan from 495.8 million yuan a year earlier, according to a Tuesday disclosure on the Shanghai bourse.

Earnings per share in the previous year was 0.19 yuan.

The forecast was attributed to higher sales volumes and profit, as well as higher investment income from the company's wealth management products and the reversal of impairment provisions for accounts receivable.

The Chinese film product distributor's shares jumped 10% at the close.

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