Canadian-based Yalian Steel Corporation Friday announced its consolidated financial and operating results for the three and nine month periods ended June 30, 2010. While Yanlin is a relatively small company, their Q3 results show indicate positive momentum for the steel industry, as even companies who are not able to compete at the level of their Fortune 500 competitors are still able to eek out a profit in a challenging economic climate.
Yalian reports its results in Canadian dollars, as reported here, unless otherwise stated.
For the three month period ended June 30, 2010, Yalian reported revenues of $211,527; cost of sales of $316,100; expenses of $680,262 and other loss of $276,707. Net loss for the three month period was $1,061,542, and the comprehensive income for the period was $1,453,236.
For the nine month period ended June 30, 2010, Yalian reported revenues of $524,609; cost of sales of $673,261; expenses of $2,611,314 and other income of $169,487. Net loss for the nine month period was $2,590,479.
As at June 30, 2010, cash and cash equivalents were $12,028,033, inventory was $1,408,730, prepaid expenses were $8,934,528, other amount receivable was $3,657,192, prepayments for property plant and equipment totaled $6,234,222, property plant and equipment was $54,460,418 and the company's working capital position was $15,335,439.
Yalian Steel Corporation is a British Columbia corporation focused on the production of Longitudinally Submerged Arc Welded (LSAW) steel pipe to service Asia's rapidly growing energy transportation infrastructure market.