31 August 2012 09:34 [Source: ICIS news]
SINGAPORE (ICIS)--China’s polyester maker Tongkun Group reported on Friday an 85% year-on-year decline in its first-half 2012 net profit to yuan (CNY) 75m ($12m) as product prices fell amid a slowdown in the Chinese economy.
Revenue for the first six months of the year declined 7% to CNY9bn, with operating profit falling 81% to CNY129m, the company said in a filing to the Shanghai Stock Exchange on Friday.
Tongkun Group sold 972,000 tonnes of polyester filament yarn (PFY) during the period, generating a sales-to-output ratio of 98.1%, the company said.
The chemical fibre industry has been on a downturn since the fourth quarter of last year, leading to sharp falls in product prices. Recovery will depend on when downstream demand can resume, the company said.
Tongkun Group, which is based ?xml:namespace>
($1 = CNY 6.35)
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