China’s Luxi Chemical 2011 profit doubles on strong sales

25 April 2012 04:48  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Luxi Chemical Group saw its net profit in 2011 double to yuan (CNY) 423.4m ($67.1m) from CNY212.0m in 2010 because of the strong sales of its fertilizers and raw chemicals products, it said on Wednesday.

Its sales revenue in 2011 was at CNY9.32bn, up by 21% year on year, the company said in a statement to the Shenzhen Stock Exchange.

The company’s sales revenue and net profit in the first quarter of 2012 were at CNY2.90bn and CNY90.8m, up by 20% and 23% respectively from the same period a year ago, it said in a separate statement on the same day.

The company aims to produce 3m tonnes of fertilizer and 3.2m tonnes of raw chemicals in 2012, it said, without giving details on its 2011 output.

Shandong-based Luxi Chemical Group is a key fertilizer producer in China.

($1 = CNY6.31)

By: Rachel Yang

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