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DEERFIELD BEACH, Fla. - China Direct Inc., a U.S.-based investor and adviser to Chinese companies, said Thursday its second-quarter profit more than tripled on strong growth in its business helping to supply U.S. industries with magnesium from China.
| CDS | 1.98 |  -0.02 |
Deerfield Beach, Fla.-based China Direct reported net income for the April-June period of $7.5 million, or 26 cents per share, compared with a profit of $2.3 million, or 15 cents per share, in last year's second quarter.
Revenue nearly doubled from $40 million to $76.2 million, a gain the company attributed to higher sales at its magnesium segment, and its investment in additional production facilities. Operating expenses more than tripled to $2.6 million.
"We continue to expand our magnesium segment, and anticipate strong top and bottom line growth in this segment for the foreseeable future," said China Direct President Marc Siegel.
China Direct owns controlling stakes in Chinese metals, chemical and recycling companies and helps them gain access to U.S. capital.
In the latest quarter, China Direct added it biggest consulting client, China Armco Metals. Inc., a metals distributor that plans to launch a scrap steel recycling operation next year.
Shares of China Direct rose 7 cents to $7.37 in afternoon trading.
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