China’s Cangzhou Dahua Group posts 26% fall in 2011 profit

10 February 2012 05:03  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Cangzhou Dahua Group has on Friday posted a 26% decrease in its 2011 net profit to yuan (CNY) 70m ($11m) because of the poor performance from its toluene di-isocyanate (TDI) subsidiary.

The company’s sales revenue rose by 0.06% year on year to CNY2.59bn in 2011 mainly because of the strong sales from its urea sector, the company said in a statement to the Shanghai Stock Exchange.

Its urea sector contributed CNY1.33bn to the revenue last year, up by 23% year on year, the company said.

However, the company’s net profit was affected by a loss of CNY100m from its TDI subsidiary, which ran its units at low operating rates last year in view of weak downstream demand, the company said.

Canzhou Dahua Group, a key fertilizer and TDI producer in China, is based in Hebei.

($1= CNY6.30)

By: Adele Zhu

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