p>Zhejiang Huafon Spandex Co., Ltd. announced its half-year results on August 21th.
In the first half of 2010, total operating revenue climbed up by 60.29% year on year to Rmb 825 million while operating profit surged by 23939.96% to Rmb 203 million, with net profit of Rmb 178 million, up 2001.54% compared with same period last year.
According to relevant people from the company, more than 20 times increase in net profit was mainly due to low operating profit of Rmb 845900 in H1, 2009, down 99.32% compared with same period last year.
Besides, operating revenue from overseas market in H1, 2010 increased by 157.98%, three times as that from domestic market.
According to researches from many securities companies, spandex prices kept an upward trend since the first half of 2009 while they dropped by 12.09% to Rmb 51000/ton in May of 2010.
Meanwhile, as report pointed out that spandex raw materials prices and labor cost rose significantly this year, industry insiders expressed their worries about the future spandex market with spandex capacity expanded quickly.
In the first half of 2010, total operating revenue climbed up by 60.29% year on year to Rmb 825 million while operating profit surged by 23939.96% to Rmb 203 million, with net profit of Rmb 178 million, up 2001.54% compared with same period last year.
According to relevant people from the company, more than 20 times increase in net profit was mainly due to low operating profit of Rmb 845900 in H1, 2009, down 99.32% compared with same period last year.
Besides, operating revenue from overseas market in H1, 2010 increased by 157.98%, three times as that from domestic market.
According to researches from many securities companies, spandex prices kept an upward trend since the first half of 2009 while they dropped by 12.09% to Rmb 51000/ton in May of 2010.
Meanwhile, as report pointed out that spandex raw materials prices and labor cost rose significantly this year, industry insiders expressed their worries about the future spandex market with spandex capacity expanded quickly.
China Chemical Weekly: http://news.chemnet.com/en/detail-1403616.html
