Gulf Resources sees strong revenue, earnings growth in fiscal 2011
Gulf Resources (NASDAQ:GFRE), a Chinese producer of bromine-based products, said Monday it sees strong revenue and earnings growth in fiscal 2011 on increased demand.
Bromine is a chemical element used to make various products in the industrial and agricultural sectors.
For fiscal 2011, the company said it expects revenues to range from $195 million to $198 million and net income to range from $64 million and $66 million. This represents revenue growth of between 23.2% to 25.1%, and net income growth of 24.8% to 28.7% compared to fiscal 2010.
"As business environment and economic conditions continue to evolve for many of our customers in China, we continue to see strong demand for bromine, crude salt, and other specialty chemical products in 2011," said Gulf Resources' CEO, Xiaobin Liu.
"We expect the price of bromine to stabilize at a high level and possibly reach a new historical high price during 2011."
Liu also said the company is looking to acquire more bromine assets and reserves.
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