April 23 2007 - Chinese corn processor Global Bio-Chem Technology Group Company Limited (GBT) has announced full year results for 2006.
Consolidated revenue for the year stood at HKD 4.7 billion, a year on year increase of 16%. Gross profit amounted to HKD 1.2 billion, a 15% increase compared to 2005.
Sweeteners: HKSE Listing Sought
In its earning statement, GBT says that corn sweetener operations ‘displayed outstanding sales performance during the year, despite severe market conditions’. With an overall production capacity of 1.14 million metric tonnes, the company says it is ‘one of the top three corn sweetener manufacturers in the PRC’.
Sales volume and turnover of corn sweeteners (including high fructose corn syrup and sorbitol) rose by 35% and 52% to approximately 365 thousand metric tonnes and HKD 671 million respectively, the statement says. Sweetener gross profit for 2006 stood at approximately at HKD 32 million, GBT says.
GBT says that earlier this month, it made an application to the Hong Kong Stock Exchange ‘for the approval of the proposed separate listing of the share of Global Sweeteners Holdings Limited, principally engaged in the manufacture and sale of corn sweeteners.’
In response to what the company describes as strong demand, GBT says it has accelerated corn sweetener business development. The company launched a crystallised glucose product last year, with current production capacity running at 200 thousand metric tonnes.
Glutamic Acid, Polyols Come on Stream
GBT completed the construction of a 100 thousand metric tonnes/year glutamic acid plant in Dehui in 2006, with commercial production beginning during the latter half of the year.
Modified starch gross profit fell by HKD 32 million ‘owing to lower selling price and surging production cost’, although the figure is not given in the earnings statement.
Global Biochem says it has completed the construction of its polyol plant in Changchun, China, with an annual production capacity of 200,000 metric tonnes. A trial production run will commence shortly, GBT says. Polyol production volume is expected to reach 50-80 thousand MT this year.