Cangzhou, Hebei — China’s largest TDI maker Cangzhou Dahua estimates its net profit in 2016 will reach CNY370m ($54m) with positive net assets at year end, according to a company filing in January.
“Several overseas TDI facilities were under maintenance, suspended or switched to other products in 2016, leading to a global supply shortage and hence raising China’s exports,” said the filing.
“Meanwhile, China’s prosperous real estate market in 2016 created strong demand for TDI in downstream foam and coating markets,” the filing added. “Its price has been on the rise.”
Shanghai-listed Dahua has reported loss for two consecutive years and is currently under a delisting warning. In 2015 it posted CNY610m net loss.
If the audited net profit in 2016 turns out to be positive without other warning-triggering scenarios, Dahua will apply for its delisting warning to be revoked, said a later filing by the company in February.
Exchange Rates: Xe.com 7 February 2017
