SunVic Chemical Holdings Limited, an intermediate chemical manufacturer producing Acrylic Acid (AA), Acrylate Esters (AE) and PMIDA, which are fundamental ingredients widely used in the production of various industrial, consumer and agricultural products, today announced its unaudited results for the
second quarter ended 30 June 2008.
The Group remained on growth track as it achieved another record quarterly high performance in Q2 2008. Net profit surged 264.3% to RMB84.9 million from RMB23.3 million in Q2 2007. Revenue also achieved 85.7% increase to RMB800.1 million in Q2 2008 from RMB430.9 million in the last corresponding period.
Total gross profit amounted to RMB131.3 million on Q2 2008 representing an increase of 186.9% compared to Q2 2007. Overall gross profit margin increased from 10.6% in Q2 2007 to 16.4% in Q2 2008.
This achievement was mainly due to the increase in sales volume as well as higher average selling price (ASP) for all categories of products.
Enjoying a continuous performance boost this year, the Group posted an overall 401.0% increase in net profit to RMB158.6 million on a 92.0% increase in revenue to RMB1,446 million for 1H 2008.
Based on the Group’s latest results, its earnings per share for the current quarter and 1H 2008 are RMB14.1 cents and RMB26.3 cents respectively, whilst net assets value per share rose from RMB121.6 cents as at 31 December 2007 to RMB 141.3 cents as at 30 June 2008.
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