11 October 2011 07:32 [Source: ICIS news]
SHANGHAI (ICIS)--China’s Cangzhou Dahua Group has posted a 70% year-on-year decrease in its net profit for the first three quarters of 2011, the company said in a statement on Tuesday.
The company’s net profit was down from the yuan (CNY) 85m ($13m) that was recorded in the same period a year ago, the company said. It did not disclose the exact figure of its net profit for the first three quarters of 2011.
“The net profit decreased largely because our urea output fell during the period, in line with a shutdown of a 580,000 tonne/year urea plant for maintenance for 22 days from 15 August,” a company source said.
Cangzhou Dahua, which is based in Cangzhou city of Hebei province, is a major fertilizer producer in northern China.
($1 = CNY6.35)
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