Tiande Chemical Holdings profit down on cost rise

Tiande Chemical Holdings Limited<609>, a fine chemical producer, on Friday reported a decrease of 63% in 2007 net profit due to rising costs on materials and labor force and dropping products prices.

Net profit for last year stood at RMB 21.6 million or RMB 0.054 per share, compared with RMB 58.44 million a year earlier. However, revenue climbed 13.9% to RMB 574.3 million from RMB 504.2 million of 2006 thanks to the introduction of some new products.

The company has suggested a final dividend of HK$ 0.0125 per share, while no dividend was offered last year.

The Hong Kong-headquartered company, a specialized fine chemical manufacturer, has four wholly-owned subsidiaries in Mainland China.