12 March 2013 07:30 [Source: ICIS news]
SINGAPORE (ICIS)--China’s polyester maker Tongkun Group said on Tuesday that its net profit for 2012 declined by 77% year on year to yuan (CNY) 257m ($41m), because of the weak domestic chemical fibre market.
Its total operating revenue for the year was at CNY18bn, a 8.4% drop compared with CNY20bn in 2011, the company said in a filing to the Shanghai Stock Exchange (SSE).
Operating revenue for its chemical fibre division fell by 8.8% to CNY18.1bn from the previous year, Tokun Group said. Chemical fibre products are a large component of the company’s revenue.
The company added that it failed to complete some of its scheduled projects in 2012, as the chemical fibre market in China was weak throughout the year.
Tongkun Group is based in Zhejiang province and it can produce 1.8m tonnes/year of polyester filaments.
($1= CNY 6.22)
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