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Keyuan Petrochemicals widens loss in second quarter

10:00 AM MDT | August 28, 2014 | Deepti Ramesh

Keyuan Petrochemicals (Ningbo, China) reports a net loss of about $1 million for the quarter ended 30 June compared with a net loss of $500,000 in the year-ago quarter due to a foreign exchange loss of $1.7 million as a result of the depreciation of the Chinese currency compared to an exchange gain of $4.7 million in the same period of 2013, the company says. Sales for the second quarter of 2014 were about $185 million, an increase of 96% compared to the year-ago quarter mainly due to an increase in production and sales volumes, Keyuan says. Production was...

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