July 25 -- Longxing Chemical Industry (002442) filed its net profit grew 29.11 percent year-on-year to 51.85 million yuan in the first half on revenue growth of 59.7 percent to 956 million yuan, report p5w.net. First-half EPS was 0.162 yuan.

The company, which is based in Shahe city, Hebei province, attributed the growth to greater capacity, higher sales, and higher carbon black prices in the first half. Longxing also consolidated a new subsidiary into its financial statements, and it recorded sales of 69.26 million yuan in the first half.

Profit growth was slower than revenue growth due to the fact that gross margins of carbon black fell from from 22.47 percent to 16.82 percent.

Longxing was founded in 1994 and supplies carbon black and electricity to major tire manufacturers across the country.