28 April 2009 11:47 [Source: ICIS news]
SHANGHAI (ICIS news)--China’s leading chlor-alkali producer Xinjiang Zhongtai Chemical Co said its net profit plunged 90.58% year-on-year to yuan (CNY)?xml:namespace>
Average PVC prices fell by CNY1,400/tonne to around CNY6,000/tonne in the first quarter from a year ago.
Earnings were further squeezed by rising costs of feedstock carbide in the first three months, the company said.
Xinjiang Zhongtai's operating income also fell 10.89% to CNY
The company produced 115,400 tonnes of PVC resins and 86,300 tonnes of caustic soda in the March quarter.
It said it expects profits in the first six months of this year to fall 70-90% from levels in the same period last year due to declining PVC prices.
Xinjiang Zhongtai is based in China's northwestern province of Xinjiang. It has a nameplate PVC capacity of 460,000 tonnes/year and caustic soda capacity of 350,000 tonnes/year.
($1 = CNY6.83)
To discuss issues facing the chemical industry go to ICIS connect
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections