China Sunsine’s Second Quarter Profits up 52%
China’s Sunsine Chemicals has reported that net profits increased 20 per cent in the first half of 2008 to 53.5 million yuan, with a 41 per cent increase in revenues to 402.1 million yuan. In the second quarter, Sunsine’s net year-on-year profits rose 52 per cent to 37 million yuan revenues increased 47 per cent to 234.9 million yuan. According to China Knowledge, the company’s sales grew 14 per cent to 84 million yuan and reached 9,496 tons in the second quarter. The average selling price rose by 27 per cent to 24.764 yuan per ton as the cost of raw materials continues to rise.
China Sunsine is listen on the Singapore exchange and produces rubber chemicals for the tyre industry. Newswires report that China supplied some of the biggest names in Chinese tyre manufacturing in the second quarter – namely Bridgestone, Goodyear, GiTi, Hankook and Michelin (China).