HaiKe warns on cost increases

20th Jan 2011 17:35

AIM-quoted HaiKe Chemical says that it has increased revenues and made a small profit in 2010 but worries about cost increases led to the share price falling by more than 30%. Shares in the petrochemicals and chemicals supplier fell 22.5p to 50.5p, which values HaiKe at £19.37m. HaiKe has significantly increased its revenues thanks to higher selling prices for refined products. However, there have been feedstock price rises during January which will erode profitability. Selling prices are stable. George Zeng has been appointed as finance director.