Friday 2011-08-05  12:14 Publisher: CapitalVue
August 5 -- Jilin Chemical Fiber (RCode:000420) posted a net profit of 8.68 million yuan in the first half, reversing losses of 45.54 million yuan in the first half of 2010, reports yicai.com. First half revenue grew 30.43 percent year-on-year to 1.37 billion yuan for earnings per share of 0.023 yuan.

Viscose filament yarn revenue dropped 0.32 percent year-on-year to 322 million yuan in the first six months with a gross margin of 19.77 percent. Bamboo pulp staple fiber revenue posted 360 million yuan with gross margin of 21.73 percent.

Short silk cotton pulp costs went up because of 56 percent higher price in the first half. The company therefore controlled purchase of it and promoted sales of products with higher gross margin.

Early in June, Jilin Chemical Fiber released a private placement plan to raising 1.34 billion yuan to fund its integrated bamboo pulp and bamboo pulp fiber production project.