Keyuan Petrochemicals Inc. Reports July and August Petrochemical Sales Update

Thursday, Sep 02, 2010

Keyuan Petrochemicals Inc. (OTC:KYNP) (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."

Source: PR Newswire