August 15 -- Hengyi Petrochemical (000703.SZ), a maker of aluminum products, PTA products, doors and windows, forecasts net profit of 1.12-1.24 billion yuan for the first three quarters due to the turnaround in the chemical fiber market, reports yicai.com, citing a company filing.
The company posted first half 2011 net profit of 1.14 billion yuan on revenue of 13.76 billion yuan.
Hengyi Petrochemical said it benefited from a higher capacity utilization rate and relatively lower production cost, resulting in a rapid growth in profitability.
The company announced in late June that it plans to raise up to three billion yuan from a private placement. Funds raised will be used for the technical restructuring of a 1.5 million-ton PTA production line.