China’s Yantai Wanhua Q1 profits fall 49%

27 April 2009 08:48  [Source: ICIS news]

SHANGHAI(ICIS news)--China’s largest methyl di-p-phenylene isocyanate (MDI) maker Yantai Wanhua Polyurethanes Co said its first quarter net profit plunged 49% year-on-year to yuan(CNY)191.3m ($28m) largely due to falls in product prices, the company said in a filing to Shanghai Stock Exchange on Monday.

“The MDI price in early this year was the lowest in 10 years,” a company source told ICIS news.

The company’s operating income for the period declined to CNY1.21bn from CNY1.97bn in the first quarter of last year.

Yantai Wanhua has a 200,000 tonne/year MDI plant in Yantai, eastern Shandong province and a 300,000 tonne/year MDI facility at Ningbo in China’s eastern Zhejiang province.

Another MDI unit in Ningbo with a capacity of 300,000 tonnes/year is being constructed and is slated to start up next year.

MDI is used for making polyurethane foam, which is consumed in various industries including automobiles and refrigerators.

($1 = CNY6.83)

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By: Judith Wang
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