22 April 2013 07:57 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Liaoning Huajin Tongda Chemicals swung to a loss of yuan (CNY) 82m ($13m) in the first quarter of this year from its CNY172m net profit in the same period in 2012, the producer said on Monday.
The company suffered the large loss in the quarter ended March, because of high feedstock cost and sluggish petrochemical sales, especially in the polyolefin sector, according to the statement it filed to Shenzhen Stock Exchange.
The company added that it expects to post a loss for the first half of 2013, because of weak demand in all petrochemical markets.
However, the producer said it should record a net profit from the fertilizer sector on the back of improved demand.
($1= CNY 6.18)
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