ChemChina to double profits in '07 on higher output
19 December 2007 12:14 [Source: ICIS news]
BEIJING (ICIS news)--China National Chemical Corp (ChemChina) expects to more than double its profit in 2007 on strong demand for its products and increased output, a company official said on Wednesday.
The company’s profit doubled in the first 10 months this year to yuan (CNY) 2.4bn ($324.8m) compared with the same period a year ago while sales increased 30% to CNY91bn, Guo Youzhi, a company liaison officer said at the 2007 China Petroleum and Petrochemical Economics conference.
For 2007, the company expects to rake in CNY3bn profits and CNY115bn sales, an increase of 67.5% and 160% respectively compared with a year ago.
Its silicone sales will increase more than 70% to 124,000 tonnes in 2007 from a year ago while sales of chemicals such as phenol, acetone, bisphenol A (BPA), epoxy resins and polybutylene terephthalate (PBT) will rise by over 30%, Guo said at the conference organised by the China Petroleum and Chemical Industry Association (CPCIA).
He did not provide the sales volume for chemicals.
Caustic soda sales will rise by more than 50% to 1.5m tonnes in 2007 from a year earlier while polyvinyl chloride (PVC) sales will reach 930,000 tonnes, up 50%, Guo said.
Toluene diisocyanate (TDI) sales will fall 30% to 40,000 tonnes as subsidiary Cangzhou Dahua had to stop production for five months after an explosion, he added.
During the same period, its urea and ammonia sales volume will rise 6% and 18% respectively to 1.9m tonnes and 2m tonnes, Guo said.
($1 = CNY7.39)
By: Florence Tan
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