September 27, 2007

Global Bio-chem's H1 revenue up 32 percent on-year

Hong Kong-listed Global Bio-chem Technology Group (GBT) reported better financial performance in the half year ending June 30.

Group H1 revenue increased 32.4 percent on-year to HK$2.73 billion, which mainly resulted from additional output of high value-added downstream products.

In a statement to the Exchange on September 24, GBT said that the rebound in lysine prices and enlarged sales of corn sweeteners and amino acids had enabled gross profit to rise by 30 percent on-year to HK$601 million.

Despite increased pressure from finance cost and taxation, net profit still managed a 21-percent rise to HK$230 million.

Going forward, the Group said it will strive to increase its market share and further diversify its product mix.

RMB1=US$0.1331 (Sep 27)