China’s Sanjiang Chemical H1 net profit up 78%; EO op rate at 112%

20 August 2013 07:59  [Source: ICIS news]

SINGAPORE (ICIS)--China Sanjiang Fine Chemicals Co said on late Monday that its net profit for the first half of this year increased by 77.5% on year to yuan (CNY) 402m ($66m), because of higher production and sales of ethylene oxide (EO).

Its revenue in the first six months of 2013 gained 82.7% year on year to CNY2bn, approximately 86% of which were generated from EO sales, the company said in a statement to the Hong Kong Stock Exchange.

The utilisation rate of its ethylene oxide (EO) facilities were at 112% in the first half of this year, compared with 108% in the same period of 2012, it added.

In the January-June period, the company produced and sold 176,375 tonnes of EO, an increase of around 80% year on year. This increase is mainly because its new 100,000 tonne/year EO unit started commercial operations on 14 February. 

The company said it expects total EO production for 2013 to increase to around 370,000 tonnes from last year’s 216,728 tonnes. 

The Zhejiang-based company mainly produces EO and surfactants at 330,000 tonnes/year and 218,000 tonnes/year capacity, respectively.

($1 = CNY6.12)

By: Fanny Zhang
+65 6780 4359

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