(Yicai Global) July 13 -- Shares of Shandong Intco Medical Products surged by the exchange-imposed limit after the leading Chinese maker of disposable and durable medical equipment said first-half profit may have soared as much as 28 times because of the Covid-19 pandemic.

Intco Medical’s stock price [SHE:300677] jumped 10 percent today to close at CNY152.37 (USD21.57). The benchmark Shenzhen Component Index climbed 3.5 percent.

For the six months ended June 30, net profit likely rose between 25 times and 28 times, reaching from CNY1.9 billion to CNY2.1 billion (USD271 million to USD300 million), the Zibo, Shandong-based company said in a statement on July 10.

Surging global demand for disposable protective gloves drove up prices and sales of Intco Medical’s products, it said.

Editor: Ben Armour