Changtian Plastics' Q4 operating profits fall 31%

25 February 2008 08:12  [Source: ICIS news]

MUMBAI (ICIS news)--China’s Changtian Plastics and Chemical Limited posted a 31% year-on-year fall in fourth-quarter operating profits due an increase in administrative costs, it said on Monday.

The rise in administrative expenses were attributed to an initial public offering (IPO) and an increase in staff salaries, added the chemicals and plastics manufacturer.  

It recorded operating profits of yuan (CNY) 39.2m ($5.5m) for the quarter ended 31 December, compared with CNY56.4m from the same period a year ago.

The firm’s revenue was up 5.2% to CNY171.8m owing to an increase in sales and prices, while its profits before income tax dropped 37% to CNY38.8m, it said.

Meanwhile, for full-year 2007 the company's operating profits rose 10.9% to CNY196m due to high sales in all segments, it said, adding revenue for the year jumped 17.2% to CNY663.2m.

Changtian’s IPO would be completed in the second half of 2008, it said.

($1 = CNY7.14)

By: Aaron Rodrigues
+65 6780 4359

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