Jilin Chemical Industrial Company Limited Announces Resolutions Passed at the Board Meeting
26 10월 2004 - 12:30AM
PR Newswire (US)
Jilin Chemical Industrial Company Limited Announces Resolutions
Passed at the Board Meeting JILIN CITY, China and HONG KONG, Oct.
25 /Xinhua-PRNewswire-FirstCall/ -- The board of directors of Jilin
Chemical Industrial Company Limited (the "Company") (NYSE: JCC;
HKSE: 368) held a meeting on October 25, 2004 at No.9 Longtan
Street, Longtan District, Jilin City, Jilin Province, China. The
third quarterly report was approved by the board of directors of
the Company. The Company's quarterly financial statements prepared
under PRC GAAP were unaudited. During the third quarter of 2004,
the Company adopted effective measures to ensure its production
facilities operated in a safe and stable manner and at full
utilization rate, and seized the opportunity afforded by a rise in
the price of its petrochemical products and synthetic rubber
products to further boost sales volume of its high margin products,
as a result of which the Company's sales revenue and profit
increased significantly. For the nine months ended September 30,
2004, the Group processed 4.71 million tons of crude oil. Income
from principal operations and net profits were approximately RMB
20,272.60 million and RMB 2,253.46 million, respectively,
representing increases of 45% and 547%, respectively, as compared
with the same period of 2003. Due to certain PRC preferential
income tax policies applicable to the Company, the Company has
recorded a better- than-expected net profit for the nine months
ended 30 September 2004. Shareholders' equity was RMB 5,533.32
million, representing an increase of 69% as compared with the same
period a year ago. The Company is one of the largest producers of
basic chemical and chemical raw materials, and one of the largest
diversified chemical enterprises in the PRC. Its primary business
consists of the production of petroleum products, petrochemical and
organic chemical products, synthetic rubber products, chemical
fertilizers and other chemical products. This press release
contains statements of a forward-looking nature. These statements
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. You can identify these
forward- looking statements by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. The accuracy of these
statements may be impacted by a number of business risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated, including risks related to:
the risk that the PRC economy may not grow at the same rate in
future periods as it has in the last several years, or at all,
including as a result of the PRC government's macro-economic
control measures to curb over-heating; uncertainty as to global
economic growth in future periods; the risk that prices of the
Company's raw materials, particularly crude oil, will continue to
increase but that the Company may not be able to raise its prices
accordingly which would adversely affect the Company's
profitability; the risk that new marketing and sales strategies may
not be effective; the risk that fluctuations in demand for the
Company's products may cause the Company to either over-invest or
under-invest in production capacity in its major production
categories; the risk that investments in new technologies and
development cycles may not produce the benefits anticipated by
management; the risk that the trading price of the Company's shares
may decrease for a variety of reasons, some of which may be beyond
the control of management; competition in the Company's existing
and potential markets; and other risks outlined in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update this
forward-looking information, except as required under applicable
law. For further information, please contact: Mr. Li Chunqing
Tel:(86)432-390 3651 Jilin Chemical Industrial Company Limited
Fax:(86)432-302 8126 Ms. Gladys Lee Tel:(852)2838 1162 Fortune
China Public Relations Ltd. Fax:(852)2834 5109 DATASOURCE: Jilin
Chemical Industrial Company Limited CONTACT: Mr. Li Chunqing of
Jilin Chemical Industrial Company Limited, (86)432-390 3651, or
fax, (86)432-302 8126; or Ms. Gladys Lee of Fortune China Public
Relations Ltd., (852)2838 1162, or fax, (852)2834 5109
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