China XLX Fertiliser tody reported an 8 per cent rise in fourth quarter net profit to 30.4 million yuan (S$6 million). This took its full year profit to 311 million yuan, up 72 per cent.
Revenue for the three months to Dec and full year rose by 8 per cent and 7 per cent to 874.8 million yuan and 3.95 billion yuan respectively.
The increase was due to the increase in urea and compound fertiliser average selling prices and increase in methanol and compound fertiliser sales volume.
Overall profit margin increased from 13.7 per cent to 18.2 per centdue to increase in urea and methanol gross profit margins.
On the costs side, general and administrative expenses increased by nearly half or 48.5 per cent to some 202 million yuan.
This was due to a 29 million yuan rise in staff cost arising from wage increases and a rise in the number of employees at a production plant.
Earnings per share climbed to 26.46 fen from 17.96 fen previously while net asset value per share rose by 26 fen to 2.32 yuan.
A final dividend of 6.3 fen a share was recommended, up from 3.7 fen previously.