China’s Luxi Chemical H1 net profit rises 23.2%, sales down 6.92%

20 August 2013 04:52  [Source: ICIS news]

SINGAPORE (ICIS)--Luxi Chemical Group’s first-half net profit grew 23.2% year on year to yuan (CNY) 236m ($39m) in the first half of 2013, thanks to the good performance from its chemical sector, the Chinese firm said on Tuesday.

In the chemical segment, sales in the first six months increased by 61.5% year on year  to CNY 1.72bn, the company said in a statement to the Shenzhen Stock Exchange.

In the fertilizer sector, however, sales revenue dropped by 20.4% to CNY 3.84bn year on year.

The company’s overall sales revenue slipped 6.92% to CNY5.59bn, it said.

Luxi Chemical ran its fertilizer units at full tilt in the first half of the year.. The company has also started up its new 250,000 tonne/year oxo-alcohols plant in Shandong province that helped boost the company’s profitability.

Shandong-based Luxi Chemical Group is a key chemical and fertilizer producer in China.

($1 = CNY6.12)

By: Viola Pan
+65 6780 4359

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