China Sunsine Chemical Holdings, the specialty rubber chemicals producer and global leader in the production and supply of rubber accelerators, says net profit after tax declined 57% to RMB 13.0 million ($2.5 million) in its its first quarter financial results ended 31 March 2011 (1Q2011) from RMB 30.4 million in 1Q2010.
This was mainly due to a one-off RMB 18.3 million impairment loss on the buildings and equipment due to the closure of production lines at Facility 1 in preparation for its relocation to Facility 2 as the local government intends to rezone Facility 1 site for commercial and residential use.
During the quarter under review, revenue increased by 25.7% to RMB254.8 million from RMB202.7 million a year ago. This was because of higher average selling price (ASP) and increase in sales volume in 1Q2011. Total sales volume climbed 15.7% to 12,971 tons from 11,214 tons in 1Q2010 while ASP for all products increased to RMB19,642 per ton in 1Q2011 compared to RMB18,074 per ton in 1Q2010. Thus overall gross profit margin (GPM) rose 2.8pts to 26.5% compared to 23.7% in 1Q2010.
Accelerators remained the key contributor, accounting for about 90% of total sales. The other two main products, namely Insoluble Sulphur and Anti-oxidant, TMQ, contributed 6.5% and 2.3% respectively.
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