China Sunsine warns of 'material decrease' in Q3 profit

CHINA Sunsine Chemical Holdings is expecting a "material decrease" in its third-quarter net profit for the three months ended Sept 30 from a year ago, mainly due to a decrease in the average selling price of the group's products, it announced in a regulatory filing late on Thursday night.

"China's economic growth is continuing to slow down, the raw material prices are hovering at lower levels, and as such, the group's ASP (average selling price) for rubber chemicals is under pressure," the mainboard-listed speciality chemicals producer said.

Based on the board's preliminary assessment, this had resulted in lower revenue generated for Q3 2019, as compared with last year.

The company is now in the process of finalising its unaudited consolidated results, and will release its third-quarter results on Nov 7, it said.

Shares in China Sunsine closed at S$1.14 on Thursday, up 0.9 per cent, or one Singapore cent before this announcement.