Shanghai, China-based steel processing company China Precision Steel Inc. on May 18 issued its financial results for the third quarter of fiscal year 2009-10 or the first quarter of 2010 ending on March 31, stating that China Precision Steel achieved a company record quarter in terms of sales volume and revenues.
In the first quarter of 2010, gross profit was $3.4 million, up from a gross loss of $2.0 million in the same period a year ago. Revenue for the quarter was a company record at $30 million, up 293.4 percent from revenue in the same period of 2009 of $7.6 million. In the first quarter of 2010, the company's net profit was $2 million versus a net loss of $3.5 million in the same period of 2009.
Total sales volume in the first quarter of 2010 was a company record at 36,953 mt, up 236 percent from total sales volume of 11,000 mt in the first quarter of 2009.
"We are excited to have achieved a company record quarter in terms of sales volume and revenue as we continue to see a strengthening demand for our precision steel products from the domestic and international markets," commented Mr. Hai Sheng Chen, China Precision Steel's CEO.