25th Jan 2010 07:00
RNS Number : 9817F
HaiKe Chemical Group Ltd.
25 January 2010
HaiKe Chemical Group Ltd.
Trading update
HaiKe Chemical Group Ltd. ("HaiKe" or the "Company"), the AIM quoted (AIM: HAIK) petrochemical, speciality chemical and biochemical business based in China, today provides an update on current trading.
Since the last trading update on 19 November 2009, the performance of both the petrochemical and speciality chemical businesses has shown a modest improvement compared to that experienced in the third quarter of 2009, primarily due to increased selling prices and stronger market demand. However, the inflation of feedstock prices during the continuing harsh winter has impacted margins when compared to the first half of 2009. Despite this, the business as a whole moved back into profitability, at the operating level for the month of December 2009, although the Company still expects to report a loss for 2009 when its full year results are released.
On 20 April 2009, HaiKe announced that it had taken a 49% stake, through a wholly owned subsidiary, in a new refinery joint venture with two local partners, Dongying Hi-Tech Ruilin Chemical Co., Ltd. The installation and water trial operations of the new Ruilin refinery have now been completed and the first trial production is scheduled to take place in February 2010.
For further information please contact:
|
HaiKe |
Nick Su, Chief Finance Officer |
+86 (0) 546 67787789 |
|
Westhouse Securities |
Tim Metcalfe / Martin Davison / Zhining Xu |
+44 (0) 20 7601 6100 |
|
Cardew Group |
Rupert Pittman / Shan Shan Willenbrock / Catherine Maitland |
+44 (0) 20 7930 0777 |
This information is provided by RNS
The company news service from the London Stock Exchange
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