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China Sky earns 9.3m yuan in Q3 after year-ago loss

CHINA Sky Chemical Fibre Co posted a 9.3 million yuan (S$1.96 million) net profit for the fiscal third quarter ended Sept 30, 2014, as an improvement in sales costs helped to offset a 19.9 per cent drop in revenue.

China Sky, a textile material maker, said earnings per share were 1.15 renminbi cents, compared to a year-ago loss of 3.58 renminbi cents per share. In 2013, the company reported a 29.1 million yuan third-quarter net loss.

For the nine months to September, China Sky's net profit stood at 73.8 million yuan, against an 82 million yuan net loss in 2013.

The company said the average selling price and sales volume fell in the third quarter from a year earlier.

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China Sky expects new environment compliance policies by the Chinese government to affect supplies and revenue. The company also expects a slowdown in demand for high-end nylon products.

China Sky shares have been suspended since 2011 after the company refused a Singapore Exchange directive to appoint a special auditor.