30 March 2011 08:39 [Source: ICIS news]
SHANGHAI (ICIS)--Yip’s Chemical Holding, the world’s largest manufacturer of acetate solvents, reported a 39% rise in revenue to Hong Kong dollar (HK$) 5.65bn ($725m) for April-December 2010, the company said on Wednesday.
Improved market penetration helped the company expand its sales, resulting in the higher revenue as well as a 28% increase in its aggregate sales volume to 536,000 tonnes, Yip’s Chemical added.
The company’s net profit reached HK$265m, representing a decline of 21% year on year as the unusual volatility in raw material prices affected the margin of the group’s core business, it added.
“However, we believe there is significant room for improvement and have sought to tackle this challenge by implementing effective measures to reduce the impact of raw material volatilities, thereby ensuring that the overall margins will return to a reasonable level within the next two to three years,” said Tony Ip, chairman of Yip’s Chemical.
The foundation has now been laid for the group to reach HK$10 billion in turnover by 2013, he added.
The group, which is headquartered in Hong Kong, focuses on the production and sale of petrochemical products with three core businesses comprising solvents, coatings and lubricants.
($1 = HK$7.79)
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