Do-Fluoride Chemicals’ Operating Profit Up 111.39% in 2011

SHANGHAI, Mar. 29 (SMM) -- Do-Fluoride Chemicals Co., Ltd. released the 2011 annual report recently, saying its operating revenues were RMB 1,372,832,600 in 2011, up 67.71% YoY; operating profits were RMB 104.45 million, up 111.39% YoY; total profits were RMB 96.49 million, up 78.14% YoY; and earnings per share were RMB 0.36/share, up 50% YoY.

Do-Fluoride Chemicals’ operating income from cryolite business was RMB 359.32 million in 2011, up 38.58% YoY, while gross profit margin was 24.83%, up 0.26% YoY. Operating income from anhydrous aluminum fluoride was RMB 674.25 million, up 61.44% YoY, while gross profit margin was 19.38%, up 1.67% YoY. Operating income from the company’s new product – lithium hexafluorophosphate – was RMB 41.11 million, while gross profit margin was 61.39%. Do-Fluoride Chemicals’ total debts rose by 223.34% to RMB 788,825,100 in 2011.

With regard to the utilization of funds raised from initial public offering in 2011, Do-Fluoride Chemicals’ 60,000 mt inorganic fluoride co-solvent project entered operations on October 11, 2011, while the construction and the equipment installation of its 10,000 mt secondary cryolite project have been completed, with the project ready for trial operations. The company has completed 64.92% of the investment in its fluorine chemistry technology R&D center. Its 200 mt lithium hexafluorophosphate project has come online, while the construction of 2,000 mt lithium hexafluorophosphate project has been completed, with Phase I production line entering the equipment installation period.