Written by The Edge
China Sunsine Chemical Holdings, the producer of rubber accelerators, says net profit for the six months ended June 30, 2010, rose 61% to RMB58.7 million ($11.8 million) from RMB36.4 million in 1HFY2009, translating into earnings per share of RMB12.30 cents compared with RMB7.55 cents in 1HFY2009.
For the second quarter ending Jun 30, 2010, net profit after tax rose 11% to RMB28.3 million from RMB25.5 million.
Revenue during the six-month period rose 45% to RMB451.0 million compared to RMB311.8 million in 1HFY2009 as sales volume improved 25% to 25,037 tonnes as production capacity was able to satisfy the increased demand.
Average Selling Price (ASP) also increased to about RMB18,000 per tonne in 1HFY2010 from RMB15,600 in 1H2009. Besides the increase in demand, the higher ASP was partly due to increase in raw material prices.
China Sunsine says the group’s financial position remains strong. Its total cash and liquid notes amounted to RMB160.8 million with net assets per share of RMB133 cents as at 1HFY2010.
Dividend : None
