Longwei Petroleum Investment Holdings Ltd. reported income of $7.21 million, or $0.09 per share, for the third quarter of 2009. The company earned $5.5 million, or $0.07 per share, in the same quarter of last year
Revenues also increased year over year to $59.3 million from $44.48 million. Longwei Petroleum Investment Holdings Ltd. had $9.4 million in cash, and no long-term debt as of September 30, 2009.
Cai Yongjun, the CEO of Longwei Petroleum Investment Holding Ltd., said, “I am very pleased with our financial results for the first quarter of fiscal 2010. I can also say that plans to have our Gujiao facility fully operational in January 2010 are on track, and the facility is already fulfilling some small but daily customer orders for us at this time. We look forward to strong growth in both Taiyuan and Gujiao during the next several years to come.”
Longwei Petroleum Investment Holdings Ltd. is an oil and gas exploration and production company headquartered in China. The company is involved primarily in downstream operations, including transportation, marketing and selling refined petroleum products. The company has facilities in Taiyuan City and Gujiao, China.