China’s Chitianhua 2011 profit falls 25.89% on feedstock shortage

06 March 2012 03:36  [Source: ICIS news]

SINGAPORE (ICIS)--China's Guizhou Chitianhua has posted a net profit of yuan (CNY) 92.8m ($14.7m) in 2011, down by 25.89% from CNY125.3m in 2010 partly because of a shortage of feedstock natural gas, the fertilizer producer said on Tuesday.

The company’s sales revenue increased by 47.51% year on year to CNY1.96bn in 2011, the company said in a statement to the Shanghai Stock Exchange.

The company attributed the decline in net profit to a shortage of feedstock for its fertilizer sector and transportation problems resulting from the severe drought in Guizhou last year, according to the statement.

The company produced a total of 471,800 tonnes of urea, of which it sold 471,000 tonnes, and recorded a 1.35% year-on-year rise in urea sales to CNY968m in 2011, according to the statement.

($1= CNY6.31)

By: Adele Zhu

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