China’s Liaoning Huajin Tongda Chemicals doubles profit in 2011

15 March 2012 03:52  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Liaoning Huajin Tongda Chemicals doubled its net profit to yuan (CNY) 842m ($133m) in 2011 year on year on the back of strong sales and healthy plant operations, the company said on Thursday.

The company’s sales revenue was up by 56.96% year on year to CNY37.56bn in 2011, the company said in a statement to the Shenzhen Stock Exchange.

The company’s 5m tonne/year refinery, a 450,000 tonne/year naphtha cracker and its derivative units, which operated well since starting up in January 2010, contributed CNY20.64bn of the revenue last year, according to the statement.

Its sales revenue from urea and methanol increased by 19.93% and 75.94% year-on-year to CNY2.85bn and CNY114m respectively, the statement said.

Sales revenue from its polyolefins, aromatic and butadiene (BD) sector rose by 65.08%, 102.09% and 102.54% year-on-year to CNY8.0bn, CNY2.9bn and CNY1.8bn last year, the statement said.

Liaoning Huajin Tongda Chemicals, which is based in Liaoning in northeast China, is a key petrochemical firm in China.

($1 = CNY6.33)

By: Rachel Yang

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