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 ?xml:namespace>
($1 = HK$7.76)
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