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Haike Chemical profits jump
Mon, 01 Dec, 2008
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Haike Chemical profits jump
Mon, 7 Apr 2008, 08:34:00
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HaiKe Chemical Group
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Petrochemical group <b>HaiKe Chemical</b> saw full year profits jump as the petrochemical business helped revenues soar 41%.<br /><br />Pre-tax profit for the year rose to $18.6m from $12m before on revenues that increased 41% to $359m. <br /><br />Revenues generated from the petrochemical business grew 39%, compared with 19% in the previous year. This is as a result of increasing domestic demand for diesel and other oil-refined products and increased selling price for all products. <br /><br />The group said production capacity has been expanded and sales increased through a sequence of carefully planned investment projects. <br /><br />"While the current market environment and margins in the petrochemical business remain very difficult, we believe that this is an industry wide situation," said the group.<br /><br />"We have continued to generate strong revenue and profit growth across all areas of the business and are confident that we will continue to deliver further growth and value to our shareholders, it added.
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