Beijing Yanhua Recorded Half-year Sales of 4 Billion Yuan

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Last updated at: (Beijing Time) Wednesday, August 14, 2002

Beijing Yanhua Recorded Half-year Sales of 4 Billion Yuan

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Sinopec Beijing Yanhua Petrochemical Company Limited announced here Wednesday its unaudited half-year sales of 4.2 billion yuan (507 million US dollars), an increase of 4 percent over the same period last year.

According to Chairman of the company Du Guosheng, Yanhua's net profit by June 30 this year amounted to 33 million yuan (3.99 million US dollars), a decrease of 54.8 percent over the corresponding period last year.

Du explained, "The increase in imported products has resulted in a drop of prices of domestic petrochemical products, and the average prices of eight principal products of the company have been affected as a result."

He added, "With the completion of the company's ethylene production unit expansion project, the production capacity of the company has improved. As a result, the sales volume of the company's eight principal products has increased by 34.4 percent as compared to the same period last year."

Du promised, "The company will adopt various development strategies including adjusting product structure, capitalizing on our own production efficiency and expanding our sales and marketing strategies, so as to enhance economic efficiency and bring satisfactory return to shareholders."

Beijing Yanhua is one of the largest ethylene producers in the Chinese mainland. The company's H-shares is listed on the Stock Exchange of Hong Kong Limited.

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