China's Yaxing Chemical swings to $1.10m net profit in 2010

SHANGHAI (ICIS)--China’s Weifang Yaxing Chemical said on Tuesday it posted a 2010 net profit of (CNY) 7.21m ($1.10m), a reversal of a CNY142m loss in the previous year, as sales jumped 21.9%.

Revenue last year stood at CNY2.10bn compared with CNY1.72bn in 2009, the company said.

However, rising feedstock costs, increased bank loans, and measures to save energy and reduce emissions were putting huge pressures on the company’s operations at present, Weifang Yaxing said in a disclosure to the Shanghai Stock Exchange.

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