China BlueChemical net profit down 12% in H1 on cost rise

22 August 2012 08:46  [Source: ICIS news]

SINGAPORE (ICIS)--Fertilizer and chemical producer China BlueChemical’s net profits in the first half of the year decreased by 12% year on year to yuan (CNY) 908.5m ($142.8m) as its cost increase outpaced its revenue growth, the company announced on Wednesday.

Its revenue in the six months ended 30 June was CNY5.0bn, an increase of 5.1% year on year, while cost of sales rose by 14% to CNY3.5bn, the company said in a statement.

Its gross profit dropped by 10% year on year to CNY1.5bn in January-June, the company added.

In the first half of the year, the company’s urea production decreased by 13% year on year to 848,063 tonnes while phosphate fertilizers production increased by 2.3% year on year to 216,696 tonnes, according to the statement.

The company produced 753,013 tonnes of methanol in the first six months of this year, 8.3% less than the volume produced in the corresponding period in 2011, according to the statement.

Its polyoxymethylene (POM) plant, which started commercial operation in October 2011, had produced a cumulative of 16,529 tonnes of POM as of June 2012, according to the statement.

($1 = CNY6.36)

By: Fanny Zhang
+65 6780 4359

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