China’s Xinjiang Tianye swings to H1 net loss of CNY81.8m

16 August 2013 07:08  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Xinjiang Tianye posted a six-month net loss of yuan (CNY) 81.8m ($13.4m), swinging from a profit of CNY10.6m in the same period last year, on lower chlor-alkali prices and higher costs, the company said on Friday.

The overall operating revenue in January-June 2013 stood at CNY1.89bn, down by 7.91% year on year, compared with CNY2.05bn in the same period last year, the company said in a statement.

The slowdown in the Chinese economic growth and falling polyvinyl chloride (PVC) resins and caustic soda prices, along with rising costs including labor resources, contributed significantly to the net loss, the company said.

In the first six months of 2013, Xinjiang Tianye produced 146,000 tonnes of PVC resins, an increase of 2.96% from 2012, and 105,900 tonnes of liquid membrane caustic soda, an increase of 2.12% from 2012, according to the statement.

($1 = CNY6.11)

By: Viola Pan
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