09 April 2013 08:45 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Shenyang Chemical announced on Tuesday that it made a loss of yuan (CNY) 55m ($8.9m) in the first quarter of 2013, because of weaker-than-expected downstream demand in the uncertain global economy.
The company suffered a loss in the first three months of this year, because of weak demand in the chemical industry and fluctuating crude oil prices amid the uncertain global economy and rising concerns over the eurozone debt crisis.
This is a decline from the CNY44m loss it made during the same period last year, Shenyang Chemical added in a statement.
Shenyang Chemical is a state-owned listed company that is largely engaged in producing chlor-alkali chemicals, deep oil processing and new chemical material.
($1= CNY 6.20)
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