China Sunsine Chemical Holdings,the producer of rubber accelerators, says net profit declined 17% to RMB 88.3 million ($18.2 million) in the full year ended 31 December 2009 (FY2009) from RMB 106.7 million in FY2008 on the back of a 10% decrease in revenue to RMB 718.4 million.
The decline in revenue was due mainly to the lower overall Average Selling Price (ASP) of rubber accelerators in FY2009 compared to FY2008 due to the global economic crisis. The overall ASP for all products dropped by 39% to RMB 15,800 per tonne in FY2009 from RMB25,900 per tonne in the previous year. However, with prudent cost management, China Sunsine Chemical says profits did not decrease proportionally.
