Keyuan Petrochemicals, Inc. reported net income of $6.7 million in the first quarter of 2010, compared to a net loss of $8.8 million in the last quarter of 2009.
Keyuan Petrochemicals, Inc. reported revenue of $117.4 million in the first quarter of 2010. The company had no revenue in the first quarter of 2009 as it began operations in October 2009. Revenues in the final quarter of 2009 came in at $68.7 million.
Keyuan Petrochemicals, Inc. sold 144,746 metric tons of different petrochemical products in the first quarter of 2010. This represented a large sequential increase from the 96,690 metric tons sold in the fourth quarter of 2009. The management of Keyuan Petrochemicals, Inc. attributed the strong results to growing internal demand in China, which led to a record amount of contract signings and backlog.
Chunfeng Tao, the CEO of Keyuan Petrochemicals, Inc., said, “We are pleased with our performance during the first quarter of 2010, as we continued to capitalize on China’s growing demand and supply imbalance for refined petrochemical products. This growing demand, which has surpassed supply in recent years, has led to record contract signings and backlog for Keyuan’s various products.”
Keyuan Petrochemicals, Inc. also released guidance for fiscal 2010 and 2011. In fiscal 2010, the company expects revenue of $461.3 million and net income of $36.3 million. This forecast is based on annual sales volume of 550,000 metric tons of petrochemicals.
In fiscal 2011, the company expects revenue of $518.2 million and net income of $48.2 million. This forecast is based on annual sales volume of 600,000 metric tons of petrochemicals.
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