27 February 2013 04:32 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Zibo Qixiang Tengda Chemical posts on Wednesday a year-on-year decrease of 37.1% in its 2012 net profit as a result of low butadiene (BD) prices amid a slowdown in global economy growth.
The company’s net profit was at yuan (CNY) 318.6m ($51.1m) in 2012, it said in a statement to the Shenzhen Stock Exchange.
The company’s BD sales to the overseas market increased as it had achieved its output target at its new 100,000 tonne/year BD unit at Zibo in Shandong province, which was started up in June 2012, according to the company.
Its revenue rose by 22.9% year on year to CNY3.4bn last year, according to the statement.
However, the net profit was negatively impacted by the low prices of BD in the overseas market, the statement said.
The company forecasts its net profit in the first quarter in 2013 to rise by 20-50% from the same period a year earlier, and the net profit was at CNY72.9m in the first three months of last year because of the good sales of BD, the statement added.
Zibo Qixiang is a methyl tertiary butyl ether (MTBE), methyl ethyl ketone (MEK) and BD producer in Shandong province in east China.
($1 = CNY6.23)
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