Redstar Developing H1 Net Profit Up 945%


Wednesday 2011-08-17  14:08 Publisher: CapitalVue
August 17 -- Guizhou Redstar Developing (600367) filed revenue and net profit attributable to shareholders grew 29.57 percent and 945.39 percent year-on-year to 567 million yuan and 48 million yuan in the first half, for EPS of 0.16 yuan, reports China Business News.

Demand for barium salt and strontium salt increased in the non-CRT glass industry in domestic and overseas markets. Responding to that trend, Redstar raised its prices in the first six months.

Anshun-based Redstar Developing also said that its production costs may rise and competition may become fiercer, and that its prices may drop back before the end of the year.

The company’s Rongguang Coal Mine and its logistics port in Qingdao are complete and ready for operation.

To support the restructuring of its subsidiary, Guizhou Redstar Developing Dalong Manganese, Redstar and the other shareholders of the company will inject 44 million yuan in total into its to boost its registered capital from 56 million yuan to 100 million yuan. Redstar Developing will also provide 20 million yuan in entrusted loans to Dalong to replenish its working capital.



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