August 10 -- Zibo Wanchang Science & Technology (Wanchang Technology) (RCode::002581.SZ:) posted a 18.92-percent year-on-year decrease in net profit to 30.56 million yuan in the first half of 2011, reports Shanghai Securities News, citing a company filing.

Sales revenue in the first half fell 13.19 percent year-on-year to 102 million yuan, with earnings per share (EPS) of 0.36 yuan, down 21.74 percent year-on-year. The company attributed the lower net profit to higher prices of maintenance and raw materials.

Gao Qingchang, former chairman Wanchang Technology, committed suicide three days after the company listed. His son Gao Baolin took up the reins as chairman and holds his father’s stakes in the company.