27 February 2013 03:36 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Zhejiang Jiangshan Chemical posted on Wednesday a year-on-year increase of more than nine times in its net profit to yuan (CNY) 71.2m ($11.4m) for the full fiscal year 2012.
The main reason for the sharp increase in net profit was that the company sold 51% shares of its subsidiary Inner Mongolia Yuanxing Jiangshan Chemical, the company said in a statement to the Shenzhen Stock Exchange.
The stocks were sold to Inner Mongolia Yuanxing Energy in the second half of 2012, bringing a profit of CNY46.9m, it said.
However, revenue for the year 2012 dropped by 1.55% year on year to CNY1.77bn as a result of falling prices of its major products such as dimethyl formamide (DMF) and dimethyl acetamide (DMAC), according to the statement.
($1 = CNY6.23)
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