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Profit of chemical fiber industry may drop 40% in 2012

Profit of chemical fiber industry may drop 40% in 2012 Source: www.texleader.com.cn
Date: 10-01-2013
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The total profit of China´s chemical fiber industry is expected to reduce about 40% in 2012, said China Chemical Fibers Association.

Figures released by the National Bureau of Statistics show that in the first three quarters of this year, the profit of chemical fiber industry totaled CNY 11.63 billion, down 48.13% from a year earlier; the percentage of loss-making enterprises reached 30.05% and loss value increased by 140%. Enterprises are polarized in term of profit-earning.

The association ascribed the sharp decrease of profit to the high figures in the past couple of years. In the first three quarters of 2011, the industry was almost in profiteering period and the profit rate in 2010 was up to 7.16%, but it dropped to 2.21% in the first half of this year.

Additionally, the industry suffered huge losses due to price drop of raw material and product stock, especially in the period from February to the end of June when the prices of chemical fibers and raw materials kept declining. Nevertheless, the industry operated steadily in general and it is not necessary to worry about the sharp drop of profit.
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