Polyester manufacturer Far Eastern Polychem Industries posted a net gain of HK$165.01 million for the nine months to September 30, making it the second-most profitable company listed on the Growth Enterprises Market (GEM) after environmentally friendly refrigerant maker Greencool Technology.
Last year, the Taiwan-funded company recorded a net profit of HK$96.04 million.
Turnover totalled HK$985.74 million for the nine-month period to September 30, up from HK$741.9 million in the previous corresponding period.
During the third quarter, Far Eastern Polychem booked a 148 per cent gain in net profit to HK$74.9 million on HK$357.36 million turnover.
Far Eastern Polychem - a subsidiary of Taiwan textile giant Far Eastern Textile - is principally engaged in the production and distribution of bottle-grade polyethylene terephthalate chips and polyester filament.
The company attributed its strong earnings growth to effective cost-saving measures implemented during the reporting period which offset continuously rising crude oil prices.
Consumption of raw materials, labour and energy was reduced by optimising the use of facilities and improving production efficiency, the company said.
