Yongsheng Advanced Materials Company Limited announced unaudited group revenue results for the first quarter ended March 31, 2014. For the quarter, the company reported revenue of RMB 317 million compared to RMB 719 million a year ago. The decrease in revenue of the group as compared with the corresponding period in 2013 was mainly contributed by the decrease in revenue of approximately RMB 405 million in textile-related products trading business, decrease in revenue of polyester filament yarn production business of approximately RMB 3 million, offset by increase in dyeing and processing revenue business by approximately RMB 6 million. Such decrease is consistent with the group's strategies to reduce low profit margin trading and to focus on differentiated polyester filament yarn products with higher profit margin.

The company provided group earnings guidance for the first quarter ended March 31, 2014. For the period, the profit attributable to shareholders of the group is expected to have a positive improvement as compared to the performance for the corresponding period in 2013, such improvement was mainly attributable to the increase in the group's overall gross profit, mainly contributed by the increase in the gross profit of polyester filament yarn production business and the reduction in net finance costs.