Longwei Petroleum (LPIH.OB) Reports Net Income and Revenue Guidance for Fiscal 2009
QualityStocks (September 15th, 2009) Writes:
Longwei Petroleum Investment Holding Ltd. (LPIH.OB), one of the leading distributors and wholesalers of diesel, gasoline, kerosene and fuel oils in Taiyuan City in the People’s Republic of China, recently announced revenue of approximately $197 million for the fiscal year ended June 30, 2009. The company’s net income totaled $23.9 million, equating to earnings per share of $0.31.
Longwei Petroleum also expects to raise capital of approximately $15 million in order to secure inventory and complete the construction of a 70,000-metric ton capacity storage tank facility in Gujiao City, which is expected to add approximately $40 million in revenue and roughly $6 million to net income for the fiscal year ending June 30, 2010.
Commenting on the news, Jim Crane, the company’s chief financial officer, stated, “I wish to clarify and correct certain assumptions made regarding the capital raise and its impact on earnings for the fiscal year ending
...Chief Financial Officer, China, Gujiao City, Jim Crane, Longwei Petroleum Investment Holding Ltd.;, Small & Micro Cap, Taiyuan City;, USD


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