Wanhua's first-half net profit of 2.835 billion yuan, down 49.56% year-on-year

 Wanhua chemical August 19 evening disclosure of the half-yearly report shows that in the first half of the company's revenue of 30.9 billion yuan, down 2% year-on-year; operating profit of 3.345 billion yuan, down 52.36% over the same period last year; to achieve net profit attributable to shareholders of listed companies 2.835 billion yuan, down 49.56% over the same period last year.

For the reasons for the decline in performance, the company explained that in the first half of 2020, by the covid-19 epidemic and the international crude oil prices fell sharply and other unexpected events, the global chemical industry is in a weak state of operation. The market performance of the Company's polyurethane, petrochemicals, fine chemicals and new materials products is consistent with most chemical products, the first quarter was affected by the domestic epidemic, superimposed on the continued low price of crude oil, although the Company has increased the export of major products, but the volume and price of the Company's products in the first quarter is still affected to varying degrees. In the second quarter, with the domestic epidemic under effective control and the effect of the national fiscal policy and monetary policy, the domestic market demand and product prices recovered and rebounded to a certain extent. However, due to the spread of the overseas epidemic, foreign markets were under certain pressure, especially in emerging countries, where demand declined significantly.

Looking ahead to the second half of the year, the Company pointed out that the domestic economy would continue to recover and improve, but the progress of recovery in overseas markets would depend on the control of the epidemic in each country.