China Qinghai Salt Lake Potash's 2010 net profit falls to $169m

08 March 2011 06:59  [Source: ICIS news]

SHANGHAI (ICIS)--China's largest potash producer, Qinghai Salt Lake Potash, on Tuesday posted a 2010 net profit of yuan (CNY) 1.11bn ($169m), down 9.91% from CNY1.23bn in the previous year, as potash prices fell.

The company's average potash price in 2010 decreased by 10.46% year on year to CNY2,259/tonne (including tax), compared with CNY2,523/tonne (including tax) in 2009. Domestic buyers waited on the sidelines in the fourth-quarter of 2010 after international potash prices rose last September, the company said in a disclosure to the Shenzhen Stock Exchange.

Revenue rose 8.59% year on year to CNY4.95bn in 2010, compared with CNY4.56bn in the previous year, the disclosure said.

The company produced 2.32m tonnes of potash in 2010, an increase of 176,000 tonnes from the previous year, the company said.

($1 = CNY6.56)

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By: Amanda Zhang
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