Gulf Resources engages in the production of specialty industrial chemical products in The People’s Republic of China. Investors in the company were pleased on Monday following the release of some very promising fiscal 2008 fourth quarter results.
Along with revenues upwards of $24.1 million, which represents an increase over fourth quarter 2007 of more than 57 percent, Gulf Resources was happy to report a hefty gross profit of $9.9 million. That figure was a substantial year-over-year improvement of 61 percent. Cash-on-hand neared $31 million as well, along with a net income which overshadowed 2007’s number by 137 percent.
Company officials spoke to the press about the favorable report, as well as shedding some light on things to come.
â€œDuring the fourth quarter, our bromine, crude salt, and chemical product sales recovered as expected from the slump caused by the Beijing 2008 Olympic Games, allowing us to meet both our revenue and net income guidance for fiscal year 2008,â€ said Xiaobin Liu, Gulf Resources’ newly-appointed CEO. “…Moving forward in 2009, we expect to see auxiliary revenue growth from crude salt sales in addition to sales of bromine and chemical products, as we have increased the extraction capacity of this bromine by-product by establishing halogen water pools.â€