August 15 -- PTA producer Rongsheng Petro Chemical (002493) and Hengyi Petrochemical (000703), a maker of PTA products, doors and windows, released their Semi-Annual reports, reports Shanghai Securities News, citing a company filing.

Rongsheng Petro Chemical posted an 81.71 percent year-on-year increase in first half 2011 net profit to 1.045 billion yuan. Revenue hit 10.75 billion yuan, up 52.38 percent year-on-year.

According to Rongsheng Petro Chemical, production and sales volumes increased due to the higher price of PTA in the first three months. Market demand increased since April.

Rongsheng Petro Chemical announced it will invest 796 million yuan of the excess funds raised from its initial public offering to improve the technologies of its polyester fully-drawn yarn (FDY) and DTY production lines. It will also invest 495 million yuan into a PTT chemical fiber production plant.

Hengyi Petrochemical reported an 816-fold surge in first half 2011 net profit to 1.137 billion yuan, while sales revenue was up 13,427.46 percent to 13.76 billion yuan. Earnings per share hit 2.49 yuan.

Hengyi Petrochemical attributed the strong sales performance to the booming market and to an injection of assets following an asset restructuring.

Hengyi Petrochemical previously raised three billion yuan in order to expand the production capacity of polyester fiber.

Source:CapitalVue