China’s Changtian posts 22% rise in H1 profits

14 August 2008 06:20  [Source: ICIS news]

SINGAPORE (ICIS news)--Xiamen-based Changtian Plastic & Chemical Ltd has reported a 22% rise in its net profits for its first half ended 30 June to yuan (CNY) 115.9m ($16.9m) from CNY 94.8m in the previous corresponding period, the company said in a filing to the Singapore Exchange on Thursday.

Revenue rose over 13% to CNY 342.7m year on year on higher sales volume from its release papers and specialty chemical segments, which posted 62.7% and 15.3% growth in sales respectively.

Looking forward, the management expected continued strong demand for its products from the China market.

The company also expected to increase its sales after the start-up of its new biaxially oriented polyamide (BOPA) film and 2-acrylamido 2-methyl propane sulfonic acid plant in Xiamen in the fourth quarter of 2008.

($1 = CNY 6.86)

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By: Bohan Loh
+65 6780 4359

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