Phosphorous chemical maker announces surging revenues

Hubei Xingfa Chemicals Group (600141.SH), a major producer of phosphorous-related chemicals, said Tuesday it has chalked up US$311.28 million (RMB2.126 billion) in revenues over the first three quarters of the year, up 70.04% on a year earlier, the Shanghai Securities News reported. Net profit rocketed 442.51% to US$39.97 million (RMB273 million) over the period. However, the company predicted its net profit would be sharply reduced during the fourth quarter on falling prices for phosphorous-related chemicals. A US$2.2 (RMB15) per ton increase on phosphorous taxes from October 1 will also affect profits for the quarter, Xingfa said.