LONDON (ShareCast) - China-based HaiKe Chemical posted a 28% rise in third quarter pre-tax profits and played down the impact of rising oil prices.
“The announcement by the PRC National Development and Reform Commission on 31 October 2007 to allow price adjustments for certain refined petrochemical products is very encouraging, chief executive Yang Xiaohong said.
"This, together with the countermeasures which have already been adopted by the company to minimise the impact of the high crude oil prices, should ensure that the group's petrochemical business remains profitable and continues to perform in line with expectations,” he added.
Pre-tax profit for the three months to 30 September rose to $4.1m from $3.2m last year on revenue up by 14% to $85.6m. Petrochemical revenues gained 7% to $64.3m, speciality chemical revenues increased 46% to $20.4m, while biochemical revenues added 50% to $0.9m.
Since the end of the third quarter, HaiKe said its speciality and biochemical business continues to trade in line with expectations, adding that the outlook remains positive.
“I am pleased to present a very encouraging set of results for the third quarter of 2007, which further demonstrates our ability to generate revenue and profit growth across all areas of the business, in spite of the challenging environment,” Yang Xiaohong added.
