China Gerui Advanced Materials Group Ltd. reported a strong year over year increase in net income and sales in the second quarter of 2010 ending 6/30/2010. The company reported net income of $12.1 million in the second quarter of 2010, compared to net income of $11.4 million in the corresponding period in 2009. This represented a six percent increase in net income.
China Gerui Advanced Materials Group reported a sixteen percent increase in sales. The company reported sales of $64.0 million in the second quarter of 2010, compared to $55.4 million in the same quarter of 2009. The management of China Gerui Advanced Materials Group Limited attributed the increase in sales to higher volumes of products sold rather than pricing.
Management was also optimistic about the future results of the company despite the possibility of a double dip in the economy.
“We continue to see strong demand for our products and as our new production lines focused on higher priced, higher margin products commence production later this year, we expect to achieve sustained increases in sales, margins, and earnings performance,” said Mingwang Lu, the CEO of China Gerui Advanced Materials Group Limited.
For more information on the company, go to www.geruigroup.com
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