China’s Xinjiang Tianye posts 13.9% fall in 2011 net profit

28 March 2012 09:29  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Xinjiang Tianye on Wednesday posted a 13.9% year-on-year decline in its 2011 net profit to yuan (CNY) 96m ($15.2m), according to its statement to the Shanghai Stock Exchange.

This was largely because prices of polyvinyl chloride (PVC) resin, one of the company’s main products, fell in the end of the third quarter in 2011, said the statement.

Tianye’s operating income in 2011 rose by 5.3% year on year to CNY3.6bn, according to the statement.

The company aims to produce 280,000 tonnes of PVC resin, 220,000 tonnes of caustic soda and 300,000 tonnes of calcium carbide in 2012, the statement said.

In 2011, Tianye produced 260,000 tonnes of PVC resin, a decrease of 8.1% from 2010, and 191,700 tonnes of ion-exchange membrane caustic soda, a decrease of  11.4% from 2010, according to the statement.

The statement did not provide the volume of ion-exchange membrane caustic soda Tianye aims to produce in 2012 and the volume of calcium carbide produced by the company in 2011.

($1 = CNY6.30)

By: Adele Zhu

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