Changtian Plastics’ Q1 op profits rise 10%

14 May 2008 04:11  [Source: ICIS news]

SINGAPORE (ICIS news)--China’s Changtian Plastics and Chemicals has posted a 9.9% year-on-year rise in its first-quarter operating profits to yuan (CNY)57.2m ($8.18m) despite higher raw material prices and a week-long maintenance shutdown, the firm said on Wednesday.

The Singapore-listed company also reported an 8.2% rise in revenue to CNY163.7m on increased sales volumes and profit margins, it added in a statement.

Its 2-acrylamido-e-methyl propane sulfonic acid (2-A2MPS) business sector saw an 8.7% rise in first-quarter gross profits to CNY6.23m due to a higher plant utilization rate, while its biaxially-oriented polyamid (BOPA) films unit posted a 5.6% slip in profits to CNY13.2m on higher biaxially oriented polypropylene (BOPP) film raw material costs.

The firm had previously reported a 31% decrease in its fourth-quarter operating profits due to increases in administrative costs from its initial public offering (IPO) and higher staff wages.

($1 = CNY6.99)

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By: Serene Cheong
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