Yantai, China – Wanhua Chemical posted its Q3 results with net profit over the first nine months soaring 74% year on year to CNY 2.5bn ($369m). Revenue jumped 42% to CNY 20.9bn.
Rising MDI prices and the company’s new petrochemical business contributed to the performance.
Production at the company’s MDI facility in Yantai is suspended after the explosion of a buffer tank for crude MDI in September. A new buffer tank is scheduled to be installed in early November.
On-site investigation of the accident is nearing its end, Wanhua told UTECH-polyurethane.com. The investigation has delayed the regular maintenance of the facility, which is scheduled to resume production in November.
According to Wanhua’s filing, the MDI facility involved has a 600kT/year capacity and 400kT/year production volume. It had CNY 242m net profit on CNY 3.3bn revenue in 2015, and CNY 335m net profit on CNY 1.8bn revenue over the first six months of 2016.
Exchange Rates: Xe.com 28 October 2016