Hong Kong's Yip's Chemical H1 2012 net profit up by 20%

29 August 2012 05:38  [Source: ICIS news]

SINGAPORE (ICIS)--Major acetate solvents manufacturer Yip’s Chemical said on Wednesday its net profit in the first half of 2012 rose by 20% year on year to Hong Kong dollars (HK$) 123.9m ($16m).

The Hong Kong-listed company’s net profit increased because of a growth in the sales of its coating business.

During the period, the coating business’ turnover hit a historical high of HK$1.49bn, representing a year-on-year growth of 19%, while its operating profit almost tripled to HK$68.5m, according to a company statement.

Turnover of the solvents business grew by 2% to HK$2.39bn and operating profit amounted to HK$124.7m, compared with HK$132.8m in the same period of 2011, it added.

Sales volume of solvents reached a record high of 288,000 tonnes, up by 16% year on year and the group’s raw solvents outperformed industry counterparts with an annual production capacity of 700,000 tonnes.

Meanwhile, the group is building an 80,000 tonne/year butyl acrylate (butac) plant that is scheduled to come on stream by the end of this year, according to the statement. Butac is a new product of the solvents division.  

Yip’s Chemical is headquartered in Hong Kong. It focuses on the production and sale of petrochemical products and its three core businesses are solvents, coatings and lubricants.

($1 = HK$7.76)

By: Dolly Wu
+65 6780 4359

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