Chinese steelmaker Geriu doubles its net profit in 2009

Wednesday, 10 March 2010 16:09:19 (GMT+2)

China-based high value-added steel processing company Gerui Advanced Materials Group Limited recently issued its financial results for the fourth quarter of 2009 and the whole year, doubling its net profit year on year.

According to the financial results, the net profit of the company was $43.4 million in 2009 compared with a net profit of $21.6 million in 2008, increasing by 101 percent. Sales revenues in 2009 saw an increase of 12 percent, rising from $196.3 million in the previous year to $218.9 million.

In the final quarter of 2009, the company's net profit was $11.4 million, compared to a net profit of $5.4 million in the same period of 2008, increasing by 111 percent. Sales revenues of $57.2 million in the fourth quarter of 2009 saw a 45.3 percent rise from $39.4 million in the fourth quarter of 2008.

Commenting on the results, Gerui chairman and CEO Mingwang Lu said, "Our growth was driven by our ability to increase the volume of our sales to meet continued robust customer demand and rising average selling prices for our products. The majority of our revenues come from the domestic consumer market in China, which we believe will continue to exhibit growth. Additionally, our continued focus on operational efficiency and cost controls helped us increase our gross and operating margins."

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