30 January 2013 09:31 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Shanxi Sanwei Group said in a statement on Wednesday that it has forecasted a loss for its 2012 financial results, because of high feedstock costs and consecutive price declines for its products.
The company is expecting to make a loss between yuan (CNY) 138m ($22m) and 198m for the period from 1 January to 31 December 2012, according to the statement issued to Shenzhen Stock Exchange.
Shanxi Sanwei said that steep competition in the market was another reason for its loss in profits.
Its profit for the same period in 2011 was CNY32.12m, the producer added.
($1 = CNY6.23)
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