China’s Yaxing Chemical posts Q3 net loss of $10.2m

27 October 2010 08:21  [Source: ICIS news]

GUANGZHOU (ICIS)--China’s Weifang Yaxing Chemical has posted a third quarter net loss of yuan (CNY) 68m ($10.2m) against a net profit of CNY1.1m year on year due to high prices of feedstock high density polyethylene (HDPE), it said on Wednesday.

The company posted an operating loss of CNY92.2m in the July-September period, against an operating profit of CNY5.6m in the year-ago period, it said in a disclosure to the Shanghai Stock Exchange.

Operating revenue for the third quarter showed a 10% rise to CNY453.3m, from 411.1m year on year.

For the nine-month period ending 30 September, the company posted a net loss of CNY116.9m against a net profit of CNY6.9m in the year-ago period, it added.  

The company’s losses could continue into the fourth quarter due to high HDPE costs, a company official said, adding that they were considering hiking prices of their products to offset the rise in feedstock costs.

The company produces chlorinated polyethylene (CPE), polyvinyl chloride (PVC) and membrane caustic soda at its facility in Shandong.

($1=CNY6.68)

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By: Fanny Zhang
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