On August 31, China-based high value-added steel processing company Gerui Advanced Materials Group Limited issued its financial results for the second quarter of 2010, reporting increased sales revenues and net profit.
In the second quarter of 2010, the company's net profit was $12.1 million, compared to a net profit of $11.4 million in the same period of 2009, increasing by 5.8 percent. Sales revenues of $64 million in the second quarter of 2010 saw a 15.5 percent rise from $55.4 million in the second quarter of 2009.
Commenting on the results, Gerui chairman and CEO Mingwang Lu said, "Our second quarter results were driven by increased sales volume as compared to the same period last year. During the quarter, we fulfilled large orders for some of our lower margin products. This enabled us to post a double-digit increase in sales as well as higher net income, but also resulted in a decrease in our margins."