China Sky posts 2011-2013 financial statements

Loss narrows in FY2013 after huge impairment loss in FY2012

Published Mon, Mar 10, 2014 · 10:00 PM

SUSPENDED China Sky Chemical Fibre Co finally has some numbers to show its shareholders after three financial years, which depict the firm's descent in 2011, its annus horribilis in 2012 and somewhat of a recovery in 2013.

These financial statements were released all at once on the Singapore Exchange website last night by the maker of nylon products, whose counter has been suspended from trading since November 2011.

For the financial year ended Dec 31, 2011, the group posted net profit of 68.9 million yuan, a 31 per cent slide from 99.7 million yuan in 2010. This, even as revenue grew 14.6 per cent to 2.82 billion yuan. This was caused in part by an impairment loss of 5.8 million yuan related to the group's production facilities in Q4 of 2011.

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