COLDSKY.CN – Beijing Sanfo Outdoor Products announced masks will become a major contributor to its revenue in several months as its fully owned subsidiary Jiangsu Sanfo puts more than 10 production lines into use to meet demand for personal protection in the fight against COVID-19.
Equipment for more than 20 mask production lines will be installed and is expected to start churning out KN95 mask early next month. The announcement sent its share price up 10 percent on April 17.
According to Beijing Sanfo’s April 14 financial report, revenues decreased 4.29 percent to 402 million yuan and net profit attributable to shareholders in the listed company plunged by 691.31 percent than in the previous period.
On February 28 Beijing Sanfo signed an agreement to pay zero for a controlling interest of 65 percent in Beijing-based environmental technology firm Deqing Nami, which is said to be specialized in nano-materials for masks and other protective supplies.
The deal prompted the Shenzhen Stock Exchange to issue a letter of attention.