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Keyuan Petrochemicals Swings to Profit

5:45 AM MDT | August 21, 2012 | Ian Young

Keyuan Petrochemicals (Ningbo, China) reported second-quarter 2012 net earnings of just over $1 million, compared with a net loss of just over $2 million in the corresponding period of 2011, on sales up 22%, to $184 million. Net profits in the first half of the year were up 4%, to almost $3 million, on sales up 24%, to $368 million. Results, despite the improvement, were impacted by slower growth in the Chinese economy, a volatile global economic environment, and rising feedstock costs, the company says. "Our first-half 2012 revenue benefited from solid...

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