Jilin (NYSE:JCC)
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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