China’s Longxing Chemical 2011 net profit surges 74% to CNY148m

13 February 2012 03:19  [Source: ICIS news]

SINGAPORE (ICIS)--Longxing Chemical, second-largest carbon black producer in China, said on Monday it has posted a 74% increase in net profit in 2011 to yuan (CNY) 148m ($24m) from CNY85m in 2010 as a result of major capacity expansion.

The company’s revenue increased by 53% to CNY2.0bn last year from CNY1.3bn in 2010, according to its statement to the Shenzhen Stock Exchange.

Longxing Chemical attributed the sharp increase in net profit to the expansion of its carbon black capacity, which increased to 300,000 tonne/year in September 2011 from 180,000 tonne/year.

Longxing Chemical, a key carbon black producer in China, is based in Hebei province.

Carbon black is widely used in tyres and rubber products.

($1 = CNY6.29)

By: Rachel Yang

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