30 August 2013 07:19 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Zibo Qixiang Tengda Chemical has posted a year-on-year net profit increase of 26.6% in the first half of 2013, on the back of stable margins in its major product, the company said late on Thursday.
The company’s net profit was at yuan (CNY) 191m ($31.2m) in the first six months this year, it said in a statement to the Shenzhen Stock Exchange.
The net profit increase was mainly attributed to stable margins from its major product methyl ethyl ketone (MEK) despite of falling chemical prices in the domestic market, the statement added.
Moreover, the rising margins of isobutene and tertiary butanol (TBA) products also contributed to the overall profit gains, the company said.
Its revenue rose by 33.5% year on year in the first half of 2013 to CNY1.7bn compared with the same period a year earlier, partly because of its rising sales from its new 100,000 tonne/year butadiene (BD) unit in Shangdong province, which was started up in June 2012, according to the statement.
Zibo Qixiang Tengda Chemical is a methyl tertiary butyl ether (MTBE), MEK and BD producer in Shandong province in east China.
($1 = CNY6.12)
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