Yantai Wanhua Saw 45% Growth in H1     

Yantai Wanhua Polyurethane Co., Ltd. (Yantai Wanhua, SH: 600309) achieved the net profit of RMB880 million in the first half of 2008, up 45.3% year-on-year. EPS was RMB0.53.
   The satisfactory performance helps consolidate its leading position in the polyurethane sector. Yantai Wanhua accomplished a revenue of RMB4.2 billion in the first half of 2008, an increase of 18.11% over the same period of 2007, and a gross profit of RMB1.217 billion, up 25.25%.
   To establish a polyurethane rigid foams platform, the company intends to increase investments in Guangdong Wanhua Rongwei Polyurethane Co., Ltd. through its wholly-owned subsidiary Beijing Keju Chemical New Material Co., Ltd., who currently holds the 51% equity in Rongwei.
   Beijing Keju will put extra RMB75.0 million in cash in Rongwei, of which RMB10 million for expansion of existing plant, RMB55.0 million for newly building a polyether plant in Ningbo of Zhejiang province and the remaining RMB10.0 million for the working capital. Upon completion of the investment, Beijing Keju will hold the 80% equity in Rongwei.