In the first quarter, Foshan Lighting's production and operation were normal, and its operating income increased by 15% compared with the same period of last year. However, due to the increase in raw materials, fuel oil, labor costs and the appreciation of the Renminbi, the main business profit decreased.
Excluding investment income, the fundamentals of Foshan Lighting are difficult to attract. The rise in raw material prices is eroding the profits of Foshan Lighting.
The data shows that Foshan Lighting's main business grew steadily in the first three quarters of last year, and its main business income increased by 15.8%. However, the prices of copper, tungsten, molybdenum and heavy oil continued to rise. Workers' wages also rose under inflationary pressure. As a result, overall costs increased and gross profit dropped sharply. From January to September, the gross profit margin was 20.3%, a decrease of 4.01% over the same period of the previous year. At the same time, the expense ratio increased by nearly 3% year-on-year. The change in gross profit and its expenses made its main business net profit lower than the same period of the previous year.
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