21 February 2012 04:22 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Hengyi Petrochemical has posted an 11.21% increase in its net profit for the whole year of 2011 to yuan (CNY) 1.92bn ($305m) from CNY1.72bn in 2010, the company said in a statement to the Shenzhen Stock Exchange on Tuesday.
The company’s sales revenue rose by 69.48% year on year to CNY31.5bn in 2011, according to the statement.
The increase in net profit was the result of steady performance in the purified terephthalic acid (PTA) and polyester fibre sectors, the company said.
Hengyi Petrochemical will focus on its PTA business in 2012. The company is expected to complete the construction of its 2m tonne/year PTA plant in Hainan province and conduct trail runs this year.
Zhejiang Hengyi Group is the holding company of the firm, which is based in Zhejiang province and is one of the biggest PTA and polyester fibre producers in China.
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