China Armco Metals
China Armco Metals is engaged in China in the sale and distribution of metal ore and non-ferrous metals to the metal refinery industry in China
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China Armco Metals reports strong Q2 results
Imported metal ore distributor China Armco Metals Inc. said revenue in the second quarter to end-June 2009 rose 71.2 percent from a year earlier to US$22.5 million, mainly due to increased sales from its metals distribution business in China as demand for metal ore rose significantly.
Net profit rose 82.2 percent in the same period to US$3.37 million.
Overall performance for the first six months of 2009 was strong, largely driven by significant growth in its metals distribution business leading to record sales of US$27.9 million for the first half compared to US$22.79 million for the same period in 2008.
Net profit in the first half came to US$3.5 million, up from US$2.59 million previously.
CEO and Chairman Kexuan Yao said: "We are extremely pleased with the strong performance of our operations in the first half of 2009. Our sales efforts in the second quarter benefited from a strong rebound in several key metal markets. We believe this momentum will continue in the coming quarters and we intend to make every effort to improve our operating results further."
"We believe our expanded credit lines, coupled with the anticipated launch of our scrap metal recycling facility later this year places the company in the strongest financial position in its history and poised for an extended period of exceptional growth."
Other China Armco Metals news
- China Armco shares up 17% on iron ore distribution deal with Brazilian steel giant Mineracao Usiminas
2011-03-18 - China Armco Lowers 2010 Revenue and Profit Guidance Due to Blackouts
2010-09-10 - China Armco Metals takes 19.9% stake in iron ore junior Apollo Minerals
2010-06-09
