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Keyuan Petrochemicals sales descend 13.9% in 2013
23
May '14
Keyuan Petrochemicals Inc., an independent manufacturer and supplier of various petrochemical products in China, announced the Company's financial results for the twelve months ended December 31, 2013.
 
Full Year 2013 Financial Results
Sales for the year ended December 31, 2013 were $646,549 compared to sales of $750,628 for the year ended December 31, 2012, a decrease of $104,078, or 13.9%. The substantial decrease in sales is a result of 41 days production suspension for a routine maintenance of the production facilities which is standard and necessary in the petrochemical production industry and is undertaken every two years, depending on the condition of the facilities.
 
In 2013, the Company sold 529,957 MT of chemical products at an average price of $1.167 per MT, as compared to sales of 646,753 MT of chemical products at the average price of $1.051 per MT in 2012. This represents a reduction of 116,796 MT, or a decrease of approximately 18.1% in products sold. Compared with 15 days of production suspension for inspection in 2012, the Company lost 41 days of production for system maintenance during 2013.
 
In 2013, SBS production was 36,959 MT of finished products at an average sale price of $2.110 per MT generating sales of $77,984. In 2012, the SBS facility produced 28,730 MT of finished products at the average sale price of $2.471 per MT generating total sales of $70,992. The sales for SBS products increased $6,992 or 9.8%. The main reason for the increase is that the Company became more experienced in stabilizing the facility operating conditions and reducing interruptions, as well as increasing the output after the first year's trial operation.
 
"I am pleased to report positive net income for 2013. Our 2013 financial results benefitted from solid customer demand, our realignment of product profiles, along with the general stabilization of the petrochemical industry in China," declared Mr. Chunfeng Tao, Chairman and Chief Executive Officer of Keyuan Petrochemicals Inc. "I believe Keyuan's core earnings potential continues to improve as a result of the operation of the SBS facility and a series of initiatives on major projects."
 
Click here to view full results.
 

Keyuan Petrochemicals

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