Trading propels transmission firm

Trading power showed up well at China High Speed Transmission Equipment (0658) last year, so the company was able to report a 56 percent jump in net profit to 1.32 billion yuan (HK$1.63 billion).

The gain in its trading business came with sales jumping by 216.9 percent in 2021 compared to 2020.

Sales of wind gear transmission equipment rose by 3.3 percent while revenue from industrial gear increased 27.4 percent on the previous year.

Revenue grew 31 percent to 20.2 billion yuan in the year from the previous 12 months, but the gross profit margin dropped 5.1 percentage points to 15.8 percent.

Basic earnings per share over the 12-month period were 0.804 yuan, and the company will not propose a final dividend.

In a separate filing, the company said it had completed the disposal of 43 percent of equity interest in Nanjing High Speed to Fullshare (0607).