China’s Danhua Technology posts 2012 net profit of CNY27.7m

28 February 2013 08:29  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Danhua Chemical Technology saw a net profit of yuan (CNY) 27.7m ($4.4m) for the fiscal year of 2012, reversing from a net loss of CNY294.4m in 2011, the producer said on Thursday.

Danhua Technology’s sales revenue almost doubled year on year to CNY1.1bn last year, according to the company’s filing to the Shanghai Stock Exchange.

Its subsidiary Tongliao GEM Chemical produced 101,100 tonnes of monoethylene glycol (MEG) and 49,600 tonnes of oxalate for the whole year of 2012, which contributed to the profit, the statement said.

Sales of catalysts also contributed to the net profit, according to the company.

Shanghai-listed Danhua Chemical Technology is a coal-based MEG producer based in Jiangsu province in east China.

($1 = CNY6.23)

By: Viola Pan
+65 6780 4359

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