China’s Yantai Wanhua’s Q1 profit falls 8% on weak MDI demand

24 April 2012 07:49  [Source: ICIS news]

SINGAPORE (ICIS)--China's Yantai Wanhua Polyurethanes posted on Tuesday an 8.0% year-on-year decrease in its 2012 first-quarter net profit to yuan (CNY) 442.0m ($70.0m) because of soft downstream demand for methyl di-p-phenylene isocyanate (MDI) in the country.

MDI prices in China decreased in the first quarter because of the soft demand, the MDI producer said, without giving further details on the prices.

The company’s first-quarter operating income rose by 3.0% year on year to CNY3.20bn because its MDI sales increased, according to the company.

Yantai Wanhua Polyurethanes is planning to increase its sales volume to above 1m tonnes for 2012, the company added.

Its total MDI capacity is scheduled to reach 1.2m tonnes/year by the second half of this year.

($1 = CNY6.31)

By: Dolly Wu
+65 6780 4359

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