04 March 2013 07:04 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Liaoning Huajin Tongda Chemicals plans to expand the capacity of its 300,000 tonne/year ammonia and 520,000 tonne/year urea units at Xinjiang in northwestern China, a source close to the company said on Monday.
The producer will increase the capacity of ammonia and urea units to 450,000 tonnes/year and 780,000 tonnes/year respectively, according to its annual report filed with the Shenzhen Stock Exchange (SZSE) on 28 February.
While construction for the units’ expansion is scheduled to commence this year, the company has not disclosed the exact date, the source said.
Liaoning Huajin Tongda Chemicals said in its annual report that sales revenue declined by 4.1% year on year to yuan (CNY) 36bn ($5.8bn) in 2012.
Net profit fell by 97.7% to CNY19.6m, because of rising cost pressure amid the weak global economy, it added.
The company is a subsidiary of North Huajin Chemical Industries Group.
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