Shanghai, China-based high-end steel producer and processor China Precision Steel, Inc. on September 28 issued its financial results for the fourth quarter and the fiscal year ended June 30, 2010 (FY 2009-2010).
Sales revenues of $36.4 million in the last quarter saw a 41.5 percent rise from $25.7 million in the final quarter of FY 2008-2009. In the fourth quarter of FY 2009-2010, the company's net profit was $1.3 million, compared to a net profit of $2.2 million in the same period of FY 2008-2009.
Looking at the FY 2009-2010 results, sales revenues of $110.5 million in the year saw a 44.8 percent rise from $76.3 million in FY 2008-2009. In FY 2009-2010, the company's net profit was $5.6 million, compared to a net loss of $408,338 in FY 2008-2009.
Sales volume increased 59.5 percent year on year to a record 133,946 mt at the end of FY 2009-2010.
"Our total tons sold increased 60 percent in the fiscal year over the previous year as domestic demand continues to strengthen, especially for home appliances and auto products," commented Mr. Hai Sheng Chen, China Precision Steel's CEO.