Fabchem China posts 81% rise in 2Q net profit to $3.2m

Fabchem China, the manufacturer of initiation systems and detonating cords in China, says it posted a 80.7% rise in net profit to RMB 15.93 million ($3.2 million) for the second quarter ending 31 March 2012 (2Q2012).

Revenue rose 45.1% to RMB131.87 million in 2Q2012 from RMB90.89 million in 2Q2011 on the back of increased mining and infrastructure activities in China.

Sun Bowen, Fabchem’s Managing Director, says, “The year ahead may be a challenging one but we remain confident that our business model, prudent financial approach and continued expansion in existing and new markets will put us on track for sustainable growth.”