China’s Yizheng Chemical to post net profit for fiscal ‘09

18 January 2010 07:38  [Source: ICIS news]

SHANGHAI (ICIS news)--China’s leading polyester producer Sinopec Yizheng Chemical Fibre expects to post a net profit for the financial year 2009 on increased sales of its products, it said on Monday.

The company had suffered a net loss of yuan (CNY)1.65bn ($241.6m) in 2008, it added in a statement to the Shanghai Stock Exchange.

The rise in demand and prices of polyester products as a result of a massive stimulus package from the government, had improved the company’s profitability, it said.

"Simultaneously, the company also endeavoured to expand its markets, optimized its products structure to meet market demand, strengthened fine management and made efforts to reduce its costs and expenses,” it added.

The company would release details of its financial performance in its yearly report on 30 March, according to the schedule at the stock exchange.

China’s top refinery Sinopec holds a controlling 42% stake in the Yizheng, eastern Jiangsu province-based company.

($1=CNY6.83)

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