19 February 2013 05:50 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Xinjiang-based Zhongtai Chemical said on Tuesday that its net profit in 2012 decreased by 44.8% from 2011 to yuan (CNY) 270.7m ($43m) because of hefty drops on prices of polyvinyl chloride (PVC) – its major product.
Its revenue in the year was CNY7bn, basically flat with the previous year, the company said in a statement.
The average PVC prices declined by approximately CNY800/tonne in 2012 from the previous year as demand was hit severely by the eurozone debt crisis and slowing China economy, it said.
The company produced 897,700 tonnes of PVC and 672,800 tonnes of caustic soda in 2012, both were 9.5% more than that in 2011, according to the statement.
Zhongtai Chemical is one of the biggest PVC producers in China with a capacity of 1.5m tonnes/year at present, it added.
($1 = CNY6.25)
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