Stock Alert: Fuwei Films Stock Up 59% In Late Trade On Q1 Profit

(RTTNews) - Shares of Fuwei Films (Holdings) Co. Ltd. (FFHL) surged $2.81, or 59.91% to $7.50 in the extended trading session on Monday, after the company reported a turnaround to profit for the first quarter.

The stock has been trading in the range of $1.56 - $7.37 for the past one year, and closed Monday's trade at $4.69, up $1.60 or 51.78%. Trading volume soared to 2.25 million versus an average volume of 68K shares.

The company's Q1 net income was RMB13.0 million (US$1.8 million) or RMB3.97 (US$0.56) per share compared to a net loss of RMB3.4 million or RMB1.03 per share last year.

Net sales for the quarter were RMB83.2 million (US$11.8 million), compared to RMB81.1 million, in the same period of last year, representing an increase of RMB2.1 million or 2.6%, mainly due to increased sales price.

Zengyong Wang, Chairman and CEO of Fuwei Films, said, "Despite the oversupply in the marketplace and the outbreak of COVID-19 pandemic which has caused significant adverse effects on the world economy, we achieved positive trends in overall sales, especially sales of specialty films which accounted for 47.9% of our total revenues. In addition, we achieved net profit for four consecutive quarters..."