Sino Clean Energy, Inc. reported adjusted net income of $11.0 million, or $0.11 per share, in 2009. The company earned $5.0 million, or $0.03 per share, in 2008.
Sino Clean Energy, Inc. reported a large increase in revenues as well. The company had revenues of $46.0 million in 2009, compared to $14.3 million in 2008. Sino Clean Energy, Inc. said that net income and revenues in 2009 exceeded guidance given by the company.
“We are pleased to have exceeded both revenue and net income guidance for 2009, and expect sales of our coal water slurry fuel to continue to increase during 2010 due to our increased production capacity, expanded customer base, current order rates and growing demand for clean energy in China,” said Baowen Ren, the CEO of Sino Clean Energy, Inc.
Sino Clean Energy, Inc. increased its prior guidance on results for 2010, and said that revenue in 2010 would be $105 million, and adjusted net income would reach $25.0 million. This guidance is based on sales volume of 850,000 metric tons.
Sino Clean Energy, Inc. is headquartered in China, and produces coal water slurry fuel, which is a coal liquid fuel that burns as efficiently as other fossil fuels with fewer pollutants emitted. The company has a facility in Tongchuan, in the province of Shaanxi.