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Chemicals producer Yuntianhua reports huge profit loss

(Xinhua)
Updated: 2010-03-31 11:04

BEIJING - Yunnan Yuntianhua Co, Ltd, a chemical fertilizer and fiberglass producer in Southwest China's Yunnan province, Tuesday reported a huge profit drop last year.

Profits of the company plummeted 96.69 percent year-on-year in 2009 to 30 million yuan ($4.38 million), and earnings per share also saw a year-on-year decline of 89.15 percent to reach 0.1331 yuan, according to an annual report the company filed to the Shanghai Stock Exchange.

The company is affiliated to Yuntianhua Group Co, Ltd, a leading fertilizer producer in China.

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Annual revenues of the company totaled 6.03 billion yuan, down 21.76 percent year-on-year for 2009, while total assets increased 10.47 percent to total 19.5 billion yuan, according to the report.

In the report, the company attributed the profit dive to the financial crisis which reduced prices of chemicals, as well as to the high running costs of its two newly-founded subsidiaries, Tianan and Tianteng.

Stock price of Yuntianhua closed at 23.66 yuan on Tuesday, down 0.46 percent from the previous day.