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HONG KONG, Nov 29, 2010 - (ACN Newswire) - Strong Petrochemical Holdings Limited ("Strong Petrochemical" or the "Company" and its subsidiaries (the "Group"), Stock code: 852), an oil products trading company, announced its interim results for the six months ended 30 September 2010 (the "period").
Strong Petrochemical's revenue for the period was increased by approximately 68.6% year-on-year to approximately HK$3,983 million. The increase was mainly due to the rise in total trading volume. Gross profit decreased by 75.4% to HK$59.41 million while profit for the period increased 30% to approximately HK$123.4 million. The Board of Directors did not recommend any dividend for the period.
During the period, the revenue generated from trading of crude oil accounted for 66.9% (2009: 89.6%) of total revenue. The revenue generated from trading of petroleum products accounted for 27.2% (2009: 6.1%) of total revenue. The remaining of 5.9% (2009: 4.3%) is generated from trading of petrochemical products.
Except from the core trading business, the Group entered into an exclusive marketing agreement with a Canadian public company specializing in energy security, authentication, and verification technologies, to market and sell the authentication system to customers in Asia.
During the period, the Group also entered into a subscription agreement with an independence third party which allowing the Group to effectively own 24% shareholdings of Aral Petroleum Capital LLP, who was granted an exploration licence and a production licence of crude oil in North Block, Aktobe Oblast of the Republic of Kazakhstan.
Commenting on the future development plan, Mr. Wang Jian Sheng, Chairman and Executive Director of Strong Petrochemical, said, "Despite the uncertainties in the recent complicated economic environments, the Group remains optimistic toward the core business development. We believe that the Group is capable of maintaining a sustainable growth by integrating the upstream, trading, and downstream businesses in broadening the revenue base and to become a competitive energy conglomerate in the region."
Contact:
Strong Petrochemical Holdings Limited
Mr. Manson PANG
Mr. Arthur WONG
Tel: +852 2834 3393
Email: info@strongpetrochem.com.
Topic: Earnings
Source: Strong Petrochemical
Sectors: Gas & Oil, Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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