China Sky Chemical Fibre Co swings into the black for FY14

CHINA Sky Chemical Fibre Co posted a net profit of 72.8 million yuan (S$15.8 million) for FY2014, swinging into the black compared with a loss of 68.05 million yuan a year earlier.

Revenue for the year was up nearly 5 per cent to 2.08 billion yuan, due in part to higher sales volumes. Meanwhile, earnings per share came to 8.94 fen, versus a loss per share of 8.35 fen previously.

The company said: "The group expects the raw material price and selling price to increase gradually when the China economy improves. Despite the oil price stabilising recently, the demand and price for our products remain low." It added that it will continue to monitor raw material prices and demand to adjust its production mix for better returns.