China’s Huajin Tongda posts 49% dip in '09 profits on low demand

18 March 2010 07:42  [Source: ICIS news]

GUANGZHOU (ICIS news)--China-based Huajin Tongda Chemicals has posted a 49% year-on-year drop in its net profit for fiscal year 2009 to yuan (CNY)196.1m ($28.7m) on weak demand, the company said on Thursday.

Operating profits for the period declined 47.3% year on year to CNY246.1m, while operating revenue decreased 25% to CNY2.7bn, the company said in a filing to the Shenzhen Stock Exchange.

During the year, the company's urea output declined 12.4% to 1.44m tonnes, while production of acrylonitrile-butadiene-styrene (ABS) fell almost 88% to 4,100 tonnes, it added.

The company started up its new 450,000 tonne/year naphtha cracker and 4m tonne/year refinery in January this year, a company source said.

Huajin Tongda Chemicals, located at Panjin in the northeastern province of Liaoning, is a subsidiary of chemical giant Huajin Chemical Industry Group.

($1 = CNY6.83)

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