Dalian, China – Dalian Rubber & Plastics Machinery (DRPM) has reported a 243 million yuan (€33 million) net loss last year, compared with a €26 million net loss in 2014, according to the company. Revenue fell slightly by 4 percent to €114 million.
Declining market demand, inconsistent quality of its conventional products and stunted sales of its new products have brought down its competitiveness, said DRPM’s annual report released in April.
In the same month it received a de-listing warning due to net loss over two consecutive years. A reverse takeover by China’s chemical fibre maker Hengli has been in progress since mid-2015.
Reasons including assets already transferred to the Shanghai-listed company earlier this year have led to a 490 percent rise in net profit in Q1 2016 to €22 million.