Fuquing, China based Guanwei Recycling Corp., a manufacturer of recycled low density polyethylene (LDPE) has attributed record results in its second quarter to strong demand and higher selling prices for recycled LDPE.
The company reported that revenue gains in the quarter were a result of increases in both sales volume and selling price for its recycled LDPE in response to continuing strong domestic demand for the product.
During the quarter, the company says that it maintained a competitive advantage through its ability to utilise high quality imported plastic waste in its manufacturing process as a consequence of meeting and exceeding the rigorous environmental standards demanded by European exporters of this material.
In the 2011 second quarter, the company sold 13,136 tonnes of manufactured recycled LDPE, up 55% from 8501 tonnes in the corresponding period of 2010. Additionally, the average market selling price of recycled LDPE in the quarter increased 12.5% from $1042 per tonne in the year earlier period to $1172 per tonne.
As a result, sales of recycled LDPE in the period grew 74% to $15.4 million as compared with $8.9 million in the second quarter last year.
Highlights of Gunwei’s report include:
- 2011 Q2 revenues increased 73% to $15.76 million, from $9.12 million in the year earlier quarter
- Q2 net income increased 107% to $3.45 million or $0.17 per share, compared with $1.67 million, or $0.09 per share, in the same period last year
- 2011 first half revenues grew 61% to $29.9 million compared with $18.61 million in the first half of 2010
- Net income increased 59% in the first six months of 2011 to $6.16 million, or $0.31 per share, from $3.88 million, or $0.20 per share, in the first half of 2010
- Working capital at June 30, 2011 increased 48% to $19.9 million from $13.4 million as of December 31, 2010. Cash and cash equivalents at the end of the first half were $14.3 million compared with $14.9 million as of Dec. 31, 2010.
China Industrial Waste Management, Inc
Meanwhile, China Industrial Waste Management, Inc., a leading environmental services and solutions provider published financial results for the second quarter that showed revenues rising by nearly 70%.
The company says that the results reflect strong overall demand for its products and services, including hazardous and non-hazardous waste disposal, sludge treatment, and recycled commodities, and that it is optimistic of continued strong performance in the second half of the year.
Second Quarter Highlights:
- Revenues increased 69.4% to $8.3 million
- Gross profit increased 41.2% to $4.3 million
- Operating income increased 35.7% to $2.6 million
- Net income attributable to the Company increased 40.1% to $1.7 million
- Diluted earnings per share from continuing operations increased 71.4% to $0.12
