Chinese pipemaker WSP posts $12 million net loss in Q2 2010

Friday, 20 August 2010 14:18:03 (GMT+2)

On August 17, Chinese pipemaker WSP Holdings Limited issued its financial results for the second quarter of 2010.

The company produces American Petroleum Institute (API) and non-API seamless casing, tubing and drill pipes used in oil and natural gas exploration, drilling and extraction, and other pipes and connectors.

According to the financial results, the net loss of WSP Holdings was $12 million in the second quarter of 2010, compared with a net loss of $27 million in the previous quarter and a net profit of $10 million in the second quarter of 2009. Sales revenues of $134.1 million in the second quarter of 2010 saw a decrease of 5.3 percent from $141.6 million in the same quarter of last year and a 120.2 percent increase from $60.9 million in the previous quarter.

"In this quarter, we see an overall improvement in the sales of our products despite the tough market environment that we have been facing, with the prices of our products picking up both in the domestic and international markets mainly due to improved market conditions and increased demand," commented Mr. Longhua Piao, chairman and CEO of WSP Holdings.

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