Chemspec 3Q profit rises 38 percent

Specialty chemicals maker Chemspec International Ltd. said Friday that its profit climbed 35 percent in the third quarter due to greater sales.

The Shanghai-based company completed its initial public offering in June.

It said it earned 70.4 million renminbi ($10.5 million) in the third quarter, up from 52.3 million renminbi a year earlier. Its profit per American Depositary Share rose to 1.94 renminbi (29 cents) from 1.44 renminbi.

Revenue grew 54 percent to 324.7 million renminbi ($48.5 million) from 211.3 million renminbi.

Looking ahead, the company expects 2010 revenue between 1.06 billion and 1.1 billion renminbi ($110.4 million and $120.7 million).

In afternoon trading, Chemspec's American depositary shares rose 5 cents to $7.81.