China Infrastructure Investment Corp., incorporated in Nevada and headquartered in Henan Province, China, where it operates the Pinglin Expressway, announced today projections for sequential revenue growth in 2010, due largely to the rebounding Chinese economy.
The company had 8.7% growth in Quarter 1 Fiscal Year 09, which ended September 30. This represents a 27% increase over Q4 FY 09, which ended in June.
Generating roughly $1.09 million from tolls on the Pinglin Expressway, CIIC had a per unit sequential increase exceeding the growth figure, due in large part to a 14,974 increase in average daily traffic over Q4 FY 09 figures.
With such growth expected to continue as the Chinese economy rallies further, Chairman and CEO of CIIC, Mr. Li Xipeng, pointed to the remainder of the fiscal year with a promise of “toll revenues benefiting and advancing at an accelerated pace”.
Mr. Li expressed his optimism regarding the Company’s long term growth prospects, stating that there was every reason to expect strong revenue growth, illustrating the growth potential by noting that the Pinglin Expressway was operating at only 30% of its design load.
Mr. Li also pointed to increasing traffic and activity throughout China’s bustling Henan Province, where the geography and growing population centers in the northwest and southeast coastal region of China exhibit the potential for increased Pinglin Expressway revenues, largely because the Pinglin is the main conduit between the two regions.
The Company has every intention of pursuing additional infrastructural interests in China, adding to an existing portfolio which prominently features the 66-mile-long Pinglin Expressway, with other such expressways, as well as water, electrical and biofuel plants.
CIIC is especially keen to get into the biofuel market in China, which is experiencing explosive growth potential and enjoying strong governmental support.