Yizheng Chemical Fiber expects net profit to increase by more than 200% year-on-year last year

The business agency reported on January 24th that Yizheng Chemical Fiber announced on January 21st that due to the favorable effect of the increase in domestic polyester product prices on product profitability, the company expects net profit attributable to shareholders of the parent company will increase by more than 200% year-on-year in 2010.

According to the company, in 2010, influenced by the steady growth of domestic demand in the downstream textile industry and the continuous recovery of external demand, the domestic cotton price rose sharply after the end of September, driving the price of domestic polyester products to increase significantly, and the company’s profit during the period increased year-on-year.

At the same time, during the period, Yizheng Chemical Fiber optimized the product structure according to market demand, reduced costs and fees, and realized a substantial increase in net profit.

According to the Chinese Accounting Standards, Yizheng Chemical Fiber achieved a net profit attributable to shareholders of the parent company of RMB 382 million in 2010 and a return of 0.096 yuan per share***.

However, the aforementioned increase in performance was unaudited. According to the SSE's appointment disclosure, Yizheng Chemical Fiber will announce its 2010 annual results on March 29.

Yizheng Chemical Fiber A shares today (21st) closed at 11.93 yuan, up 1.36%, H shares closed at 4.13 Hong Kong dollars, unchanged from the previous day's closing price.