13 July 2009 07:40 [Source: ICIS news]
SHANGHAI (ICIS news)--Hong Kong-listed trading company, Strong Petrochemical Holdings Ltd, said its net profit for the year ending 31 March 2009 has more than tripled year on year due to surging crude demand in the Chinese market.
The company's net profit for 2008-2009 was HK$329.5m ($42.5m) compared to HK$92.7m in 2007-2008, it said in a filing to the Hong Kong Stock Exchange on Sunday.
Full-year revenue increased by 42% year on year to about HK$5,992.2m as the sudden drop in oil prices led to a surge in demand in the Chinese market, the company said.
The revenue from crude oil trading for the year 2008-2009 reached a record high of approximately HK$5,197.9m, which was 56% more than the previous year.
The revenue from trading of petroleum products for the year 2008-2009 was about HK$661.9m, down 15% compared with the previous year due to decrease in demand for petroleum products in China, the filing said.
The revenue from trading of petrochemical products for the year 2008-2009 was HK$132.4m, up 23% compared with the previous year.
The shares of the company - incorporated in the Cayman Islands - have been listed on the Stock Exchange since 12 January 2009.
($1 = HK$7.75)
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|