ERJ staff report (LMH)
New York -- Asia Carbon Industries has reported sales for the third quarter of 2011 increased 62 percent to $11 million (Euro 8.1 million) in 2011 compared to the same period in 2010. Gross profit doubled to $2.6 million in the third quarter from $1.3 million for the same period in 2010.
Net income for the quarter ended 30 Sept 2011 increased 87 percent to $1.5 million. Earnings per share were at $0.03 for the third quarter compared to $0.02 for the same period in 2010.
The company said in a 15 Nov news release that it sold 11 498 tonnes of carbon black and naphthalene oil, an increase of 49 percent, compared to the third quarter of 2010.
Asia Carbon's total carbon black production capacity was 61 000 and 35 000 tonnes per annum as of 30 Sept 2011 and 2010, respectively. The prorated production/total capacity utilization rate was 72 percent and 82 percent during the three months ended 30 Sept 2011 and 2010, respectively.
"Our continued improvement in performance is attributed to a strong, high-quality product line and dedication to satisfying our customers. We continue to benefit from the increased capacity provided by the launch of our production line in the fourth quarter of 2010,â€ commented Yao Guoyun, Asia Carbon's CEO. â€œChina's economy continues to demonstrate growth, particularly in the automotive sector, and we anticipate that demand for our products will follow this trend."
Asia Carbon is a China-based producer of carbon black products under the brand name Great Double Star. It was established in 2003 in Shanxi, China.
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Press release from Asia Carbon