Liaherd Chemical Achieves 71% Growth for H1     

Shandong Liaherd Chemical Industry Co., Ltd. (Liaherd Chemical, SZ: 002217) achieved operating revenue of RMB416 million in the first half of 2008, a year-on-year increase of 71.44%. The net profit was RMB86.3 million, up 250.37% year-on-year. EPS was RMB0.63.
   The gross profit of sulfuric acid business hit the historical record in the first half of 2008, with a profit rate of 46.02%, which drove the net profit growth. The profit-earning ability of the melamine business increased to 21.21%, lifting 13.76 percentage points.
   Shandong Liaherd Fengyuan Chemical Co., Ltd., a holding subsidiary of Liaherd Chemical, intends to make an investment of around RMB200 million in chemical projects. In the first phase, Liaherd Fengyuan will invest RMB40 million in a 40 000 t/a ammonia renovation project. In the second phase, the company will spend RMB160 million in a 100 000 t/a nitric acid project and a 10 000 t/a nitrate project. All projects is scheduled to be completed in the next two years.
   Liaherd Chemical expects the net profit to increase annually 300% during January to September.