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April 15, 2010

CHINA: XD Plastics books record revenue

Automotive supplier China XD Plastics on Thursday said fourth quarter revenue for the year to 31 December, 2009 was a record US$41.2m, up 106.6% year on year. Gross profit was up 185.5% to $9.7m, gross profit margin was 23.6%, up from 17.1%, and the net loss was $19.8m, or $0.50 per share. Adjusted net income was $8.0m or $0.18 per share.

Automotive supplier China XD Plastics on Thursday said fourth quarter revenue for the year to 31 December, 2009 was a record US$41.2m, up 106.6% year on year. Gross profit was up 185.5% to $9.7m, gross profit margin was 23.6%, up from 17.1%, and the net loss was $19.8m, or $0.50 per share. Adjusted net income was $8.0m or $0.18 per share.

Total volume shipped was 23,620 tonnes, up 76.2% from 13,402 metric tonnes in the fourth quarter of 2008.

Full-year revenue was up 79.2% to a record $135.7m, gross profit rose 76.4% to $30.6m, gross profit margin was 22.5%, compared with 22.9% in 2008, operating income was up 95.7% to $17.6m and the net loss was $9.9m or $0.36 per share. Adjusted net income was $24.2m or $0.58 per share.

Total volume shipped was 73,796 tonnes, up 79.5% from 41,120 tonness in 2008.

“We are delighted with our 2009 results, as we were able to deliver strong growth in revenue and operating profits, and reach several important milestones in the execution of our business strategy. In addition to delivering exceptional results, we also won 28 new OEM certifications, listed our shares on the Nasdaq and successfully raised capital to fund our capacity expansion,” said chairman and CEO Jie Han

“As we move into the first quarter, we have increased our capacity by 42.9% to 100,000 tons, and expanded our distribution network in eastern China, positioning our business well to continue our rapid growth in the quarters ahead.”

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