SinoTech Energy raises 2011 sales outlook on increased capacity, demand
SinoTech Energy (NASDAQ:CTE) increased its 2011 fiscal year sales outlook on Friday, driven by the expansion of its lateral hydraulic drilling (LHD) fleet, used to provide enhanced oil recovery (EOR) services to major oil companies in China.
Based on current operating conditions, the Beijing-based company now expects to report total sales in the range of US$100 to US$105 million, up from its previous guidance of between US$90 to US$95 million.
"We believe China's pressing need to enhance oil production combined with our steadily expanding capacity to provide reliable EOR services will lead to sustainable growth for the company in the coming years," said CFO Boxun Zhang in a statement.
The company is due to release its second quarter results, for the three months ending March 31, on May 19.
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