Changshu, China-based steel- and pipe-maker Sutor Technology Group Limited (Sutor) on September 28 issued its financial results for the fourth quarter and the fiscal year ended June 30, 2010 (FY 2009-2010), stating that the demand for the company's products remained strong as its products are extensively used in almost all major sectors of the economy
In the fourth quarter of FY 2009-2010, gross profit of Sutor was $10.5 million, compared to a gross profit of $6.3 million in the same period of the last fiscal year, increasing 66.7 percent. Sales revenues of $125.3 million in the quarter saw a 14.1 percent rise from $109.8 million in the final quarter of FY 2008-2009. In the fourth quarter of FY 2009-2010, the company's net profit was $3.4 million, compared to a net profit of $1.8 million in the same period of FY 2008-2009, increasing by 88.9 percent.
Looking at the FY 2009-2010 results, gross profit of Sutor was $32.8 million at the end of the year, compared to a gross profit of $36.3 million in the previous fiscal year, decreasing 9.6 percent. Sales revenues of $478.7 million in the year saw an 11.4 percent rise from $429.8 million in FY 2008-2009. In FY 2009-2010, the company's net profit was $11.3 million, compared to a net profit of $18.7 million in FY 2008-2009, decreasing by 39.6 percent.
Commenting on Sutor's operations, Ms. Lifang Chen, chairwoman and CEO, said, "We are pleased to see the continued increase in annual revenue attributable to our efforts to expand market share in both domestic and overseas markets. Although the record annual revenue did not transform to increased annual net income as a result of rising production costs and increased selling expenses, the widened sales channels have laid a solid foundation to expand future sales."