Wenzhou, Zhejiang – Huafon Chemical estimates its 2020 net profit will be between CNY2bn and CNY2.5bn ($308–386m).
This compares to CNY1.8bn net profit in 2019, a company announcement said in January. The company was formerly known as Huafon Spandex, adopting the new name in December.
Huafon brought its 100kT/year differential PU elastane facilities in Chongqing on stream in 2019. The company said it was able to raise PU elastane’s sales volume and profit margin as the demand rebounded after the impact of the coronavirus, the company said.
Huafon Chemical’s current PU elastane capacity is estimated at 185kT/year by Chinese securities firm Great Wall Securities. It will reach 200kT/year when the Chongqing project is in full operation.
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