China’s Shanxi Sanwei Group maintains loss for 2013

25 March 2014 04:12 Source:ICIS News

SINGAPORE (ICIS)--China’s Shanxi Sanwei Group said in a statement on Tuesday that it maintained a loss for the second consecutive year in 2013, on the back of an oversupply situation in the market and falling prices of its major products.

The company made a loss of yuan (CNY) 380m ($61m) for 2013, compared with the CNY290m loss in 2012, according to the statement issued to Shenzhen Stock Exchange.

Its operating revenues for 2013 slumped by 21.7% to CNY5.6bn, compared with CNY7.2bn in the same period in 2012, according to the statement.

For 2014, the producer is targeting to turn losses into gains with cost control and product upgrades, and aims to reach a sale income of CNY6.4bn, it said.

Shanxi Sanwei Group is a major producer of butanediol (BDO) and polyvinyl acetate (PVA) in China.

($1 = CNY6.20)

By Viola Pan