Jilin Chemical Fiber acquires property from parent, posts Q3 profit

Oct. 26, 2009 (China Knowledge) - Jilin Chemical Fiber Co Ltd<000420> on Friday announced that it purchased industrial properties totaling 717,000 square meters of floor area from state-owned parent, Jilin Chemical Fiber Group Co Ltd, for RMB 91.06 million or RMB 127 per sq m, sources reported.

According to a statement filed with the Shenzhen Stock Exchange on Wednesday, Jilin Chemical Fiber's net profit skyrocketed 134.54% year on year in the third quarter of this year, hitting RMB 33.66 million, and its total operating revenue was RMB 486.56 million, reflecting year-on-year growth of 3.47%.

In the period from January to September, the chemical firm suffered losses of RMB 43.91 million, and its total operating revenue declined 6.49% from a year earlier, reaching RMB 1.35 billion.

As of Sep. 30, 2009, Jilin Chemical Fiber had total assets of RMB 2.66 billion, whereas it had RMB 2.35 billion as of the end of last year, reflecting an increase of 13.3%.