Fifty-four Chinese chemical companies announced their 2013 results on Monday, with 38 of them, or 70 percent, reporting growth in revenue, the China Securities Journal reported Tuesday. Twenty-four firms, or 45 percent of the total, reported higher net profit, it said. Of the 199 chemical companies that have published their annual results so far, only 100 entities recorded year on year net profit growth, suggesting that the industry is yet to fully recover from the previous slump, the paper said. Manufacturers of Spandex (commonly known as Lycra) and Glyphosate, a herbicide used to kill weeds, reported the strongest profit growth within the industry, according to the report.
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