Natural gas distributor Sino Gas reports strong rise in revenues and net income
Natural gas distribution company Sino Gas International Holdings, Inc (“Sino Gas”)(OTC:SGAS) reported solid increases in revenues, gross profits and net income for the fiscal year 2009.
The China focused company chalked up a 28% increase in revenues
to US$27.6 million, while gross profits climbed 26% to just under US$9.5
million. Operating income surged 88% to US$5 million, while net income
jumped 152% to US$4 million. Diluted earnings per share nearly tripled
to 14 cents.
Sino Gas aid it improved the bottom line through increasing sales
and controlling cost.
Revenue from gas sales climbed 29% to $15.7 million, while
revenues from connection fees were US$11.9 million, up 28%.
"These are record sales in our company's history. Going forward, Sino Gas will continue to focus on the existing projects, increase the penetration rate, improve our gas distribution networks, and enhance operating efficiency and cost structure. We will continue to expand into small and medium size cities and increase our market share and the Company's presence in China as capital becomes available for accretive opportunities," concluded Yu- Chuan Liu, Chairman and CEO.
Sino Gas currently operates 1040 km of pipeline in 35 cities in
China.
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