rns out!20 Sep 2010 08:39
http://www.investegate.co.uk/Article.aspx?id=201009200700069279S.
HAIKE CHEMICAL GROUP LTD.
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2010
(UNAUDITED)
HaiKe Chemical Group Ltd. ("HaiKe" or the "Company"), the AIM quoted (AIM: HAIK) petrochemical, speciality chemical and biochemical business based in China, is pleased to announce its unaudited results for the six months ended 30 June 2010.
Highlights
l Total revenue increased by 78.7% to US$ ("$") 467.2m over the same period last year (H1 2009: $261.5m)
l Petrochemical revenues increased by 86.9% to $407.8m (H1 2009: $218.2m)
l Chemical products revenues increased by 37.0% to $59.4m (H1 2009: $43.4m)
l Gross profit decreased by 93.9% to $1.4m (H1 2009: $23.1m)
l Loss for the period was $21.2m (H1 2009: profit of $10.8m)
l Loss after non-controlling interest was $14.8m (H1 2009: profit of $9.9m)
Mr. Xiaohong Yang, Executive Chairman, said:
"The first six months of 2010 have been challenging, during which the Company successfully achieved a significant increase in revenues of 86.9% and 37.0% in petrochemical and chemical products businesses respectively. Consequently, total revenue increased substantially by 78.7% as a result of improved demand and our effective strategy in adjusting our product mix.
During the first half of 2010, the high feedstock price has made the overall environment very challenging and has affected the Company's profitability. Ruilin was in the initial trial phase of operation which meant its profit contribution was variable; however, we anticipate this will stabilise over time.
For the remainder of 2010, the Company will focus strongly on controlling feedstock purchase costs so as to improve overall group performance."
For further information please contact:
HaiKe Nick Su, Chief Finance Officer +86 (0) 546 8289175
Westhouse Securities Tim Metcalfe / Martin Davison +44 (0) 20 7601 6100
Cardew Group Rupert Pittman / Shan Shan Willenbrock /
Catherine Maitland +44 (0) 20 7930 0777
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