China Power Equipment
China Power Equipment has developed a proprietary, patented technology to produce a new generation of energy saving transformers and transformer cores. The Company currently manufactures 55 different models of transformers in four product series which are sold throughout China.
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China Power Equipment soars after posting strong revenue, net income growth
Newly listed China Power Equipment, Inc reported an impressive 88 percent increase in first half revenues this morning, underlining the strong growth potential of the company.
Financial highlights for the six months of 2009 included revenues of US$8.59 million (H1 2008: US$4.57 million), up 88 percent and an almost 100 percent increase in net income after tax of US$1.6 million (H1 2008: US$0.82 million). Earning per share came in a at 11 cents versus 6 cents in the first half of 2008. The strong increase in revenues and earnings was largely due to a surge in revenues in the second quarter of 2009 combined with lower administrative expenses.
"We are quite pleased with the Company's performance during the second quarter. The improved results reflect the investment we have made in our product line and sales effort. We expect these trends will continue as China's economy continues to expand, and with it, the demand for efficient, clean transfer of energy," Yong Xing Song, Chairman of the Board of the Company, stated. "We look forward to building on the strong foundation we have built with many of the regional utilities and government agencies as they continue to increase and improve China's power grid."
China Power Equipment listed on the OTCBB in May 2009. Shares in the developer and manufacturer of transformers shot up 45 percent in early trading today.
