China’s Shandong Haihua expects $14m net profit in Q1
07 April 2011 05:19 [Source: ICIS news]
SHANGHAI (ICIS)--Chinese chemical producer Shandong Haihua expects a net profit of yuan (CNY) 90m ($14m) in the first quarter of 2011 because of rising prices and high sales volumes, the company said late on Wednesday.
This is an increase of 350% compared with the same period last year.
The company reported a 2010 net profit of CNY44m, a reversal of a CNY705m loss in 2009, according to the company's filing to the Shenzhen Stock Exchange.
Shandong Haihua, a subsidiary of China National Offshore Oil Corp (CNOOC), mainly focuses on soda ash, melamine, calcium chloride and polyvinyl chloride (PVC), it said.
($1 = CNY6.55)
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