Cleantech Solutions net profit grows to USD 2.4m in Q3 2012
Nov 14, 2012 - Cleantech Solutions International Inc (NASDAQ:CLNT), a Chinese maker of metal components for wind, solar, dyeing and finishing equipment, on Tuesday said its net profit had more than doubled in the third quarter of 2012 to USD 2.4 million (EUR 1.9m) as revenue and margins grew.
Chairman and chief executive Jianhua Wu said the company had been boosted by sharply improved demand for its dyeing machines and growth in forged products for applications outside of the wind industry.
In the year-ago period, the company posted a net profit of USD 1.1 million. Operating profit rose 96.3% to USD 3.2 million, while gross margin improved to 24.9% from 22.5%.
Revenue was up 48.5% at USD 17.3 million. Revenue from forged rolled rings rose 29.1% to USD 9.8 million as continued weak demand in the wind sector was offset by higher sales to other industries. Revenue from the dyeing and finishing equipment segment grew 84.8% to USD 7.5 million.
In the first nine months of 2012, Cleantech Solutions' net profit fell 25% to USD 3.7 million, with revenue declining 5.4% to USD 39.6 million.
"With an increasingly diversified portfolio of precision products, we believe we have greater flexibility to adjust to fluctuations in our served markets so as to optimize our performance," Wu said.