China firms in strong showing

TWO of China's largest chemical companies reported robust interim profits yesterday on the back of surging prices and strong demand.

China's largest polyester maker, H share company Yizheng Chemical Fibre, saw net profit rise 82 per cent to 836.13 million yuan (about HK$777.6 million) for the first six months.

It also announced the 100 per cent acquisition of Foshan Chemical Fibre Joint Corporation Group of Companies (FCF Group).

Yizheng said it would guarantee the indebtedness of the FCF Group to about 1.081 billion yuan.

Jilin Chemical Industrial, another H share, reported interim profit up 49.6 per cent to 486.2 million yuan.