China’s Yizheng Chemical Fibre H1 net profit, sales jump 36%

GUANGZHOU (ICIS)--China's Sinopec Yizheng Chemical Fibre reported on Tuesday a 36.3% year-on-year increase in its first-half 2011 net profit to yuan (CNY) 585.3m ($91.7m), on the back of strong prices and higher sales of polyester products.

The polyester major’s turnover for the first six months of the year grew 36.0% to CNY10.3bn, the company said in a disclosure to the Shanghai Stock Exchange.

The surge in profit was largely on account of a 30.3% year-on-year surge in the average prices of polyester products at CNY11,613/tonne (excluding value added tax) in January-June 2011, it said.

The company produced 1.1m tonnes of polyester products in the period, up 4.6% year on year, while sales volumes of the products rose 4.8% to 874,128 tonnes.

In the second half of the year, Yizheng Chemical plans to produce 1.1m tonnes of polyester products, and is looking at a sales volume of 906,000 tonnes.

($1 = CNY6.38)