China’s Yantai Wanhua 2012 net profit rises 26.7%

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)

By: Viola Pan
+65 6780 4359

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