Pengling takes over seals business

On March 31, Tianjin Pengling Group Co., Ltd. issued its 2019 annual report, achieving an operating revenue of 1.601 billion yuan, an increase of 9.79% (year-on-year, the same below); and a net profit of 136 million yuan for shareholders, an increase of 14.97%.

Under the economic downturn of the automobile industry, the revenue of the main products of Pengling automobile engine accessory system hose and assembly was 850 million yuan, down 16.62%; the revenue of automobile fueling system hose and assembly was 109 million yuan, down 32.89%. The total revenue of these two business units decreased by 223 million yuan. At the same time, Pengling completed the merger and acquisition of Hebei XinOu seals business in 2019. The revenue of EPDM door seal business increased from 93.7149 million yuan to 336.93 million yuan, with an increase of about 243 million yuan, making up for the reduced revenue of rubber hose business.

On the same day, Pengling also released the first quarter performance forecast, with an expected profit of 20-25 million yuan, a decrease of about 2.03% - 21.62%. The company said that affected by the global COVID-19, most of the main engine plants lagged back to work, delayed orders or insufficient demand, which had a certain impact on business performance.