China’s Fangda Chem swings to '13 loss on poor chlor-alkali market

21 March 2014 04:02 Source:ICIS News

SINGAPORE (ICIS)--China’s Fangda Jinhua Chemical Technology (Fangda Chemical) swung to a net loss of yuan (CNY) 86.3m ($13.9m) in 2013, from a net profit of CNY17.9m a year earlier, amid a bearish chlor-alkali market, the company said on Friday.

Its operating revenue stood at CNY2.65bn, down by 1.1% year on year, according to the company’s statement to the Shenzhen Stock Exchange.

The overall chlor-alkali industry has been weak last year, with prices falling amid an oversupply in the market, it said.

In 2013, the company produced 345,123 dry metric tonnes (dmt) of caustic soda; 120,086 tonnes of propylene oxide (PO); and 38,615 tonnes for polyether, it said.

This year, the company is targeting to produce 370,000 tonnes of caustic soda and 115,000 tonnes of PO.

Fangda Chemical is based at Huludao city in China’s northeastern province of Liaoning.

Its major products include chlor-alkali, polyvinyl chloride (PVC), PO and polyether.

($1 = CNY6.20)

By Viola Pan