09 March 2010 04:39 [Source: ICIS news]
GUANGZHOU (ICIS news)--China’s Tangshan Sanyou Chemical Industries Co has posted an 80.4% year-on-year decline in its full year 2009 net profit to CNY38.5m ($5.6m) on sluggish demand and weak product prices, the soda ash and polyvinylchloride (PVC) producer said on Tuesday.
Its operating profits fell 72.2% year on year to CNY77.8m, while operating revenue was CNY3.6bn, down 29.4% from 2008, the company said in a filing to the Shanghai Stock Exchange.
While the company expected prices of soda ash and PVC to rebound this year amid recovering demand, capacity increases in the sector could constrain any big hikes, it said.
($1 = CNY6.83)
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