26 March 2013 03:05 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Yantai Wanhua Polyurethanes has posted a 26.7% year-on-year increase in its net profit to yuan (CNY) 2.35bn ($378m) in 2012, according to a company statement to the Shanghai Stock Exchange on Tuesday.
The company’s revenue for 2012 reached CNY15.9bn, up by 16.7% year on year, the statement showed.
The main reason for the increased profit was good sales and rising prices of its major product methyl di-p-phenylene isocyanate (MDI), which further strengthened its leading position in the domestic market, the statement added.
Ningbo Wanhua Polyurethanes, which is a subsidiary of Yantai Wanhua Polyurethanes, posted a year-on-year net profit of CNY2.1bn for 2012, the statement said.
Yantai Wanhua Polyurethanes is a leading domestic MDI producer at Yantai in Shandong province.
($1 = CNY6.21)
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