China's Shenyang Chem posts Q1 net profit of CNY70.5m

26 April 2011 04:33  [Source: ICIS news]

SHANGHAI (ICIS)--China’s Shenyang Chemical has reported a net profit of yuan (CNY) 70.5m ($10.8m) for the first quarter of 2011 on strong sales, the company said on Tuesday.

The profit is an increase of 68.2% compared to the same period last year, the company said in a filing to the Shenzhen Stock Exchange.

Paste polyvinyl chloride (PVC) was the biggest contributor to Shenyang Chemical’s net profit because of tight supply in the domestic market, industry sources said.

PVC comes in two forms: powder PVC and paste PVC. In China, powder PVC is in oversupply while the supply of paste PVC is tight, the sources added.

Paste PVC is used for coating cloth, rotary forming, macerating, spraying and foaming in combination with plasticizers as well as in other adhesive agents.

($1 = CNY6.53)

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By: Amanda Zhang
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