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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By: Amanda Zhang
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