-- July and August monthly sales increased 21% compared to the average monthly sales of first six month in 2010
-- Company is on track to sell 660,000 MT of petrochemical products in 2010
NINGBO, China, Sept. 1 /PRNewswire-Asia-FirstCall/ -- Keyuan Petrochemicals Inc. (OTC Bulletin Board: KYNP), ("Keyuan" or "the Company"), a leading independent manufacturer and supplier of various petrochemical products in China, today reported it sold 121,092 metric tons (MT) of petrochemical products in the months of July and August. July and August sales totaled in $100.9 million, with an increase of 21% of the monthly sale volume compared to average monthly sales in the first six months of the year. For the second quarter ended June 30, 2010, the Company had sales of $132.0 million, representing a 12% increase from the first quarter ended March 31, 2010.
Q1 2010 Q2 2010 July 10 August 10 FY2010 Guidance
Petrochemical Product
Sales Volume (MT) 144,746 155,955 55,498 65,594 660,000
Sales ($ million) $117.4 $132.0 $45.3 $55.6 $550.0
"We are ramping up our third quarter sales, having sold 121,092 metric tons of products in July and August," stated Mr. Chunfeng Tao, founder, chairman and chief executive officer of Keyuan. "We sold approximately 23,000 metric tons of products out of the 24,000 metric tons inventory we held at the end of the second quarter of 2010. We are confident to reach our target of 660,000 metric tons this year, as the Company continues to experience strong demand for refined petrochemical products due to China's robust economic growth and under-developed domestic supply capacity."
About Keyuan Petrochemicals, Inc.
Keyuan Petrochemicals, Inc., established in 2007 and operating through its wholly-owned subsidiary, Keyuan Plastics, Co. Ltd., is located in Ningbo, China and is a leading independent manufacturer and supplier of various petrochemical products. Having commenced production in October 2009, Keyuan's operations include a designed annual petrochemical manufacturing capacity of 550,000 MT of a variety of petrochemical products, with facilities for the storage and loading of raw materials and finished goods, and a technology that supports the manufacturing process with low raw material costs and high utilization and yields. In order to meet increasing market demand, Keyuan plans to expand its manufacturing capacity to include a SBS
(Styrene-Butadiene-Styrene) facility, a raw material pre-treatment facility, additional storage capacity and an asphalt production facility.
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking statements" relating to the business of Keyuan Petrochemicals, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the impact of the proceeds from the private placement on the Company's short term business and operations, the general ability of the Company to achieve its commercial objectives, including the ability of the Company to sustain growth; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Investor Relations:
HC International, Inc.
Ted Haberfield
Executive VP
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
Mr. Andrew Haag
Managing Partner, USA
Hampton Growth, LLC
Tel: +1-877-368-3566
Email: andrew@hamptongrowth.com
Web: http://www.hamptongrowth.com
Source: Keyuan Petrochemicals, Inc.
