China Petrochemical Development Corp (CPDC, 中石化) has a flattish outlook for this year in light of weak demand amid the US-China trade dispute, but the company expects factory upgrades to help increase output and sales.
The company would provide better-quality products, improve management efficiency and focus more on its land development business, CPDC chairman Lin Keh-ming (林克銘) told a shareholders’ meeting on May 24.
CPDC has been working on development plans concerning its land assets in the Kaohsiung Multi-Functional Commerce & Trade Park (高雄多功能經貿園區), Chinese-language media reported last week.
The company also plans to invest in Vietnam, Myanmar and some other Southeast Asian markets targeted by Beijing’s Belt and Road Initiative, the reports said.
The company’s plant in Rudong, China, is due to start operations this quarter to produce materials for making nylon, with an annual output of 150,000 tonnes, the reports said.
The Rudong plant’s polyamide 6 production line would start producing samples in the second half of the year, while the company’s factory in Miaoli County’s Toufen Township (頭份) is also starting production of high-end polyamide 6 products this quarter after its equipment was upgraded, the reports said.
CPDC’s product portfolio includes caprolactam, acrylonitrile and other plastic materials.
Caprolactam, used for making fibers and plastics, accounts for about 60 percent of its total revenue, while acrylonitrile, a material used in electronics and fibers, makes up about 30 percent.
In the first quarter, the company’s net income plunged 71.96 percent year-on-year to NT$309.63 million (US$9.83 million), or earnings per share of NT$0.11.
At the May 24 meeting, shareholders approved the company’s proposal to distribute a cash dividend of NT$1 per share based on last year’s earnings per share of NT$1.59, a payout ratio of 62.89 percent.
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