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HONG KONG, July 13, 2009 - (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 annual results for the year ended 31 March 2009 (the "year under review").
The Group recorded a remarkable performance during the year under review. Revenue significantly increased 42.3% to approximately HK$5,992.2 million. Gross profit increased by 58.9% to HK$171.9 million while profit for the year surged by 225.4% to HK$329.5 million. The increase in revenue was due to the sudden drop in oil price led to a surge in demand over the PRC market. Basic earnings per share was HK$1.02. The Board of Directors did not recommend the payment of final dividend.
Trading of crude oil remained the major revenue contributor to the Group during the year under review, accounting for over 87% (2008: 79%) of consolidated revenue. The remaining revenue is generated from trading of petroleum products and petrochemical products. The Group is also extending its business operation to petroleum and petrochemical storage operation.
The global credit crunch resulted from the financial tsunami since September 2008 had caused corporations around the world difficulties in securing their credit facilities. However, the Group was left intact and not adversely affected by such credit-tightening measures. The total credit facilities granted has increased by approximately HK$835 million from HK$1,716 million as at 31 March 2008 to HK$2,551 million as at 10 July 2009. The increase of credit facilities of the Group not only elevated the trading capability of the Group, it also represents confidence from the financial institutions to the Group, and henceforth the soundness of the Group's financial position.
The Group has already completed the acquisition of an oil tanker which is a single hulled oil tanker with a gross tonnage of approximately 142,639 metric tons and deadweight of 265,243 metric tons. Currently, the Group intends to use 2/3 of the oil tanker's capability as a floating storage facility for self storage of oil products. The remaining capability will be leased out to external customers.
Commenting on the future development plan, Mr. Wang Jian Sheng, Chairman and Executive Director of Strong Petrochemical, said, "Despite the recent global financial crisis, it is expected that the PRC's economy will outperform countries from other major economies. With the RMB4 trillion catalyst from the central government, it is believed that PRC's economy will recover at a much faster pace and the demand for oil products will continue to increase. We will continue to strengthen our sales and market intelligence capabilities by closely monitoring the oil and petroleum markets' development, obtaining an in-depth understanding of existing and potential customer needs, behavior and trends and strengthening our existing relationships with key customers and broadening our customer base by seeking new customers, in particular, overseas customers and non-state-owned import agents in the PRC. We will continue to take advantage of the potential opportunities in this industry, aiming to enhance the profitability of the Group and maximize the returns to our shareholders."
Contact:
Porda International (Finance) PR Group
Ms. Keely Chan
+852 3150 6760 / 9770 2950
keely.chan@pordafinance.com.hk
Ms. Kelly Fung
+852 3150 6763 / 9289 2974
kelly.fung@pordafinance.com.hk
Ms. Susanna Ho
+852 3150 6755 / 9052 9451
susanna.ho@pordafinance.com.hk
Ms. Liz Yip
+852 3150 6739 / 9497 1685
liz.yip@pordafinance.com.hk
Fax: +852 3150 6728
Topic: Corporate Announcement
Source: Strong Petrochemical
Sectors: Daily Finance, Energy, Alternatives
https://www.acnnewswire.com
From the Asia Corporate News Network
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