August 11 – Shanghai Kinlita Chemical (300225) posted a 35.57-percent year-on-year fall in net profits for the first half of 2011 to 33.82 million yuan with earnings per share of 0.64 yuan, reports the National Business Daily, citing a company filing. Sale revenues during that period totaled 273 million yuan. Excluding non-current profits such as government subsidies, the fall in net profits hit 46.67 percent.

Kinlita attributed the poor performance to high procurement costs and a decrease in selling prices to its large clients.

The adjustment in sales structure also put downward pressure on overall prices. The firm will distribute three yuan in earnings for every 10 shares held.

Net profits in 2010 hit 84.54 million yuan.