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Grand Pacific posts NT$2.24 EPS in H1.

Taipei, Sept. 3, 2009 (CENS CENS Censor
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)--Grand Pacific Petrochemical Corp., one of Taiwan's leading manufacturers of styrene sty·rene
n.
A colorless oily liquid from which polystyrenes, plastics, and synthetic rubber are produced. Also called vinylbenzene.
 monomer monomer (mŏn`əmər): see polymer.
monomer

Molecule of any of a class of mostly organic compounds that can react with other molecules of the same or other compounds to form very large molecules (polymers).
, posted NT$1.585 billion (US$48.17 million at US$1:NT$32.9) in after-tax earnings, or NT$2.24 0.06) per share, hitting a new record since 1989.

The company attributed the record-high earnings to the price hike in SM and its production lines running in full capacity. The company saw earnings from core business doubled to reach NT$530 million (US$16.1 million) in the second quarter of this year from the previous quarter. In addition, its investments in mainland China contributed NT$903 million (US$27.44 million) to overall earnings scored in the second quarter.

At present, Grand Pacific's two production lines in Taiwan are capable of rolling out 320,000 metric tons of SM per year. The SM production lines were running in full capacity in the second quarter. In addition, its 250,000-metric-ton per-year ABS (acrylonitrile butadiene styrene Acrylonitrile butadiene styrene, or ABS, (chemical formula (C8H8· C4H6·C3H3N)n) is a common thermoplastic used to make light, rigid, molded products such as piping, musical instruments (most ) production lines in Zhenjiang of Jiangsu province, mainland China were also running in full capacity in the second quarter.

Grand Pacific said it saw steady growth in earnings from sales of SM in both July and August. The company believed it would see earnings in the third quarter reach the same level as the first quarter if there is no big volatility in the selling prices for SM.

Thanks to the rise in production equipment utilization rate and the procurement of low-price raw materials, Grand Pacific saw combined gross profit margin Gross profit margin

Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold.


gross profit margin

A measure calculated by dividing gross profit by net sales.
 climb to 18.67% in the second quarter from 18.62% in the first quarter. The company scored NT$952 million (US$28.93 million) in pretax pre·tax  
adj.
Existing before tax deductions: pretax income.

pretax adj [profit] → vor (Abzug der) Steuern 
 earnings in the second quarter alone.

An industry analyst noted mainland China's demand for SM has been on the rise since the beginning of this year, prompting the rise for the selling prices for the products. ((BS))
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Title Annotation:Grand Pacific Petrochemical Corp.
Publication:The Taiwan Economic News
Article Type:Financial report
Date:Sep 3, 2009
Words:320
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