China Sunsine board issues guidance for 'material increase' in Q3 net profit

CHINA Sunsine Chemical Holdings is expected to report "a material increase" in its third-quarter net profit, the board said on Friday, citing higher average selling prices and sales volume for its products.

The board said that the company was able to hike its quarterly selling price to major customers, amid a rubber chemicals market shortage in China, after some industry players had to suspend production on their failure to comply with environmental regulations.

The latest profit guidance is based on a preliminary assessment of materials such as unaudited financial statements for the three months to Sept 30, the board said. Its unaudited consolidated results for the period are slated for release on Nov 5.

China Sunsine shed 1.5 Singapore cents or 1.58 per cent to S$0.935 before the announcement.