Chinese industrial equipment provider Gengsheng Materials on May 13 issued its financial results for the first quarter of 2010, stating that its results were largely impacted by increased costs of raw materials and decreased export demand.
In the first quarter of 2010, the company's net profit was $0.4 million, compared to a net profit of $1 million in the same period of 2009, increasing 60 percent. Sales revenues of $11.9 million in the first quarter of 2010 saw a four percent fall from $12.4 million in the first quarter of 2009.
Commenting on the prospects for the remainder of 2010, chairman and chief executive officer of China GengSheng Minerals, Inc, Shunqing Zhang, said, "As we look ahead, we believe that year 2010 will be another year of growth for GengSheng. We expect that our primary target markets of steel, oil and solar will rebound and are confident that we are well positioned to capitalize on the anticipated increase in market demand as growth resumes."