29/01/2018 08:23 China BlueChem (03983) sees turnaround to profit for FY2017 [ET Net News Agency, 29 January 2018] China BlueChemical (03983) said it expects to record a net profit attributable to owners of the parent of about Rmb50 million to Rmb80 million for the year ended 31 December 2017 as compared to a net loss of about Rmb216 million for the previous financial year. The principal factors contributing to the expected net profit include the higher sellingprice realized by China BlueChemical for its products in 2017 as compared to that in 2016;and China BlueChemical recognized assets impairment losses from around Rmb420 million to Rmb460 million in aggregate for the coal-based urea plant of CNOOC Huahe Coal Chemical Ltdand the phosphate fertilisers and compound fertilisers plants of Hubei Dayukou Chemical Co., Ltd. after conducting an impairment testing on coalbased urea plant and phosphate fertilisers and compound fertilisers plants of the company in accordance with IAS 36, due to significant rise in the price of raw materials, such as coal and liquid ammonium in 2017. (HL) 新型肺炎專輯 - 最新疫情發展和防疫貼士即睇
China BlueChemical expects to report CNY50m-80m ($8m-12m) in net profit for the 2017 financial year, helped by higher selling prices on its products and impairment losses. The projected profit stands in contrast to the company's recorded net loss of around CNY216m for the previous year. A run up in raw material prices led to testing and aggregate impairment losses of CNY420m-460m being recognised on CNOOC Huahe Coal Chemical's coal-based urea plant and Hubei Dayukou Chemical's phosphate and compound fertiliser plants.