Sep 17 2010
Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today reported a strong upturn in the sale of BOPET films during the third quarter of 2010.
The overall Chinese BOPET film industry is growing rapidly. In July and August the average sales price of Fuwei Films has increased over 10% compared with the first half of this year. Certain products have seen price increases of over 20% compared to the first six months of 2010. According to industry estimates in China, prices may continue to rise significantly in the next a few months.
Due to high demand, Fuwei Films is at high production levels for its products. Due to improved market conditions, the company expects the financial results of the second half of 2010 to be increased compared with the first six months of the year.
"Since the second quarter, the demand for BOPET films has been increasing, particularly coming from overseas customers," said Mr. Xiaoan He, Chairman and CEO of Fuwei. "We believe this presents a great opportunity to improve Fuwei's performance by allowing us to develop our business in general and realize better earnings in the third quarter."