China’s Fangda Chemical posts lower 2012 net profit at $2.9m

21 March 2013 07:26  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Fangda Jinhua Chemical Technology (Fangda Chemical) has posted a net profit of yuan (CNY) 17.9m ($2.9m) for 2012, down by 85% year on year, according to the company’s statement to the Shenzhen Stock Exchange on Thursday.

The net profit decreased mainly because of weak downstream demand and declining prices, the statement said.

The company’s major products include chlor-alkali, polyvinyl chloride (PVC), propylene oxide (PO) and polyether, according to the statement.

Revenue was CNY2.68bn ($432m) in the 2012, down by 9.7% year on year, the statement added.

The company’s 2012 production output more than doubled year on year to 340,055 tonnes for caustic soda, 119,550 tonne for PO and 55,793 tonnes for polyether.

The company has capacities of 320,000 tonnes/year for caustic soda, 120,000 tonnes/year for PO, and 100,000 tonnes/year for polyether.

Fangda Chemical is located in Huludao city of Liaoning province, northeast China.

($1 = CNY6.22)

By: Dolly Wu
+65 6780 4359

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