Changshu, China-based steel- and pipe-maker Sutor Technology Group Limited (Sutor) on May 13 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 is pleased with the growth in revenue, net income as well as gross margin in this quarter as compared with the same period last year.
In the first quarter of 2010, gross profit of Sutor was $9.4 million, compared to a gross profit of $7.1 million in the first quarter of 2009, increasing 31 percent. Sales revenues of $114.5 million in the first quarter of 2010 saw a 19.5 percent rise from $95.8 million in the first quarter of 2009. In the first quarter of 2010, the company's net profit was $3.4 million, compared to a net profit of $2.7 million in the same period of 2009, increasing by 24.5 percent.
Commenting on the results, Ms. Lifang Chen, chairwoman and CEO of Sutor, said, "With our proactive marketing efforts and R&D initiatives, we expect increasing demand for our high-end fine finish steel products and customized value-added processing services."