Pinglin Expressway operator China Infrastructure Investment Corporation boosts net income
Increasing daily traffic on the Pinglin Expressway in Henan Province, China, helped boost revenues and net income for China Infrastructure Investment Corporation (NASDAQ: CIIC).
The Company reported that third quarter average daily traffic volume on its expressway increased 4.4% to 11,762 units from 11,269 units during the same period in the prior fiscal year.
As a result, revenues increased 4.2% to $10.65 million, compared with $10.23 million over the same prior year period. Net income in the third quarter rose 3% to $1.29 million, from $1.25 million but EPS was unchanged at 2 cents per share.
For the nine months ended March 31, 2010, revenues decreased 5.1% to $35.85 million but net income increased 23.7% to $5.99 million, or 7 cents per share.
"We are pleased with our third quarter growth which reflects recovery and continuing improvement in the Chinese economy which has translated to increasing auto traffic in the Henan province," Chairman and CEO, Li Xipeng, commented," Over time, we anticipate further growth on this key north to south route in line with anticipated growing commercial and passenger car traffic. The Company also continues to seek additional development opportunities."
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