China’s Huajin Tongda nearly doubles net profit in 2010

22 March 2011 07:48  [Source: ICIS news]

GUANGZHOU (ICIS)--China’s Liaoning Huajin Tongda Chemicals said on Tuesday that its net profit in 2010 increased by 99.0% from the previous year to yuan (CNY) 412.7m ($62.9m) on expanded product portfolios including fertilizers and petrochemicals.

Its total operating revenue in the year reached CNY23.9bn, more than seven times its revenue in 2009, the company said in a financial statement published on Tuesday.

Meanwhile, operating profits increased 78.7% from the previous year to CNY467m in 2010, the statement said.

The Liaoning-based company started commercial operations at its 5m tonne/year refinery, 450,000 tonne/year naphtha cracker and its derivative units in January 2010, with these facilities contributing CNY19.4bn of revenue during the year, it said.

Its traditional fertilizers business generated CNY2.5bn of revenue in 2010, down 9.7% from the previous year, according to the statement.

($1 = CNY6.56)

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By: Fanny Zhang
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