China’s Sinopec Yizheng Chemical Fibre Q3 net profit falls 21.8%

28 October 2011 08:56  [Source: ICIS news]

GUANGZHOU (ICIS)--China’s Sinopec Yizheng Chemical Fibre (YCF) posted a 21.8% year-on-year decrease for its third-quarter net profit to yuan (CNY) 271.7m ($42.7m) as its operating costs outpaced its sales, the polyester producer said on Friday.

Its revenue in the third quarter increased by 33.7% year on year to CNY5.31bn because of a 34.7% rise in the prices of polyester products, YCF said in a statement to the Shanghai Stock Exchange.

However, its operating profits in the quarter decreased by 12.1% year on year to CNY305.1m, while its operating costs increased by 42.9% to CNY4.72bn, it said.

The company produced 549,276 tonnes of polyester products in July-September this year, down by 2.0% year on year, while its sales of polyester products decreased by 1.1% to 450,135 tonnes, it said.

Its production of purified terephthalic acid (PTA), which is a raw material for producing polyester products, decreased by 0.4% to 273,636 tonnes in the three-month period, it added.

($1 = CNY6.36)

By: Fanny Zhang
+65 6780 4359

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