Advanced Holdings’ H1 net profit rises 35%

13 August 2008 09:24  [Source: ICIS news]

SINGAPORE (ICIS news)--Singapore-based Advanced Holdings has posted a 35% year-on-year increase in its first-half net profit to Singapore dollars (S$)5.4m ($3.8m) on strong growth in the petrochemical and chemical business, it said on Wednesday.

The company’s revenue rose marginally to S$26.6m from S$26m in the previous corresponding period, it added.

Revenue from its petrochemical & chemicals segment climbed 64% to S$27.2m year on year, as the company capitalised on the booming energy sector.

The firm also reported healthy growth in other key business segments including the oil and gas unit and the iron and steel arm.

Looking ahead, the company expected to continue earning profits despite high oil prices as it expected the increased demand in the petrochemicals and chemicals sector to support margins and earnings.

In July 2008, Advanced secured four new contracts totalling S$19.3m, which included two petrochemical projects in China.

($1 = S$1.41)

To discuss issues facing the chemical industry go to ICIS connect

By: Leon Toh
+65 6780 4359

< previous article(VIDEO - ICIS news Asia Lunchtime Bulletin 16 October 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly