China Valves Technology Inc a heading Chinese steel valve manufacturer announced a financial formula for a 3 and 6 months finished Mar 31 2012. The formula are unaudited and theme to change.
Unaudited Results for a Three Months Ended Mar 31, 2012
For a entertain finished Mar 31, 2012, a Company’s sum income was USD 38.4 million down 8.4% from USD 42.0 million in a same entertain final year. The YoY diminution in income was mostly attributable to reduce bill and check in projects of a Company vast business that resulted in diseased direct for a Company products.
Gross distinction for a entertain was USD 14.1 million, down 19.6% from USD 17.5 million for a same duration of 2011. Gross domain was 36.6% for a entertain compared to 41.7% for a same duration in 2011. The diminution in sum domain was especially attributable to aloft labor and tender element costs and boost in sales of reduce domain middle to low vigour valves.
Selling losses were USD 2.6 million compared to USD 2.3 million in a same entertain of 2011 an boost of approximately 13.5%. The boost in offered losses was especially due to aloft graduation losses incurred during a quarter.
General and executive losses were USD 7.9 million compared to USD 6.0 million for a same duration in 2011 an boost of USD 1.9 million, or approximately 32.9%. The boost was especially due to boost in pot for bad debt stipend of USD 3.5 million during a second entertain following a management’s periodic examination of comment receivables.
Income taxation responsibility was USD 1.7 million, compared to USD 2.5 million for a same duration in 2011. The diminution was essentially due to reduce boost in a stream quarter. The effective taxation rate was 49.3% for a three-month finished Mar 31 2012, compared with 24.5% for a same entertain in 2011. The boost was especially due to a comment receivable stipend accrued that can't be deductible according to PRC taxation law.
Net income for a 3 months finished Mar 31 2012 was USD 1.8 million, compared to USD 7.6 million for a same entertain in 2011. Diluted gain per share were USD 0.05 compared to diluted gain per share of USD 0.21 for a same duration in 2011.
Unaudited Results for a Six Months Ended Mar 31 2012
For a 6 months finished Mar 31, 2012, a Company sum income was USD 94.1 million down 0.2% from income of USD 94.3 million for a 6 months finished Mar 31, 2011. Gross distinction was USD 34.4 million down by 4.4% from sum distinction of USD 36.0 million for a 6 months finished Mar 31, 2011. Gross domain was 36.5%, compared to 38.1% for a 6 months finished Mar 31 2011. Net income was USD 10.0 million, or USD 0.28 per diluted share compared to USD 14.0 million or USD 0.40 per diluted share, for a same duration a year ago.
Financial Condition
As of Mar 31 2012, China Valves had USD 11.1 million in money and money equivalents, USD 141.7 million in operative collateral and a stream ratio of 3.1 times. Accounts receivable was USD 152.7 million as of Mar 31 2012 compared to USD 124.5 million as of Sep 30, 2011 while prolonged tenure retainage was USD 4.5 million as of Mar 31, 2012 compared to USD 5.7 million as of Sep 30 2011. Days Sales Outstanding for a 6 months finished Mar 31 2012 were 265 compared to 201 for a same duration a year ago.
The Company had no long-term debt on a change piece as of Mar 31 2012. Shareholders equity was USD 245.6 million as of Mar 31 2012 compared to USD 232.0 million as of Sep 30, 2011.
Net money used in handling activities was USD 18.6 million in a 6 months finished Mar 31, 2012, compared with net money supposing by handling activities of USD 3.9 million for a same duration in 2011. The diminution was essentially attributable to a boost in accounts receivable.
Net money used in investing activities was USD 1.1 million in a 6 months finished Mar 31 2012, compared with USD 1.5 million in a 6 month finished Mar 31 2011. The net money used in investing activities during a duration finished Mar 31 2012 was essentially used for a squeeze of equipment, program and payments done for construction in progress.
Net money supposing by financing activities was USD 2.4 million in a 6 months finished Mar 31, 2012, compared with USD 12.9 million for a same duration in 2011 as a Company paid USD 1.9 million deposition for records payables in 2012.
Mr Jianbao Wang Chief Executive Officer of China Valves pronounced “We gifted a diseased entertain due to adverse mercantile conditions and parsimonious liquidity conditions that indifferent collateral projects. Despite these challenges, we sojourn assured in the ability to grasp the superintendence for mercantile year 2012.”
Source – China Valves Technology
Article source: http://www.steelguru.com/chinese_news/China_Valves_announces_unaudited_results_for_the_3_and_6_months_2012/263519.html
