Chinese pipe-maker WSP posts $27 million net loss in Q1 2010

Wednesday, 26 May 2010 12:26:17 (GMT+2)

Wuxi, China-based pipe- and tube-maker WSP Holdings Limited on May 25 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 the company faced tough challenges during the period in question as demand decreased considerably both in the domestic and international markets.

In the first quarter of 2010, the gross loss of WSP was $14.2 million, compared to a gross profit of $52.5 million in the first quarter of 2009. Sales revenues of $60.9 million in the first quarter of 2010 saw a 59.3 percent drop from $195.5 million in the first quarter of 2009. In the first quarter of 2010, the company's net loss was $27 million, compared to a net profit of $21.4 million in the same period of 2009.

Commenting on the future, Longhua Piao, chairman and CEO of WSP Holdings, said, "Despite the tough market environment that we have been facing recently, we see signs of improvement with the domestic prices of our products picking up, while, on the international front, we have been successful in our penetration efforts, tapping into new markets and securing new customers especially in Russia, Uzbekistan and South America."

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