Chinese firm reveals significant results


Sino Gas International Holdings Inc, a leading developer of natural gas distribution systems in small and medium-seized cities and natural gas to residential, commercial and industrial customers in China, has reported its financial results for the 2nd quarter ending 30th June 2007 and enjoyed huge revenue and profit increases.

Revenue reached $2.8m, a massive increase of 232 percent against the second quarter of 2006, and gross profit reached $0.9m, up 139 percent from the same period last year.

Operating income totalled $0.5m, a rise of 128 percent from the second quarter of 2006, and net income rose to $0.5m or $0.03 per diluted share, up 104 percent from the second quarter of 2006.

Yu-Chuan Liu, president and CEO of Sino Gas, commented, $quot;Our strong second quarter results reflect the effective penetration of our existing markets with a significant increase in connected households and double the amount of gas sales. In the second half of 2007, we remain confident in our business plan and the opportunities ahead for organic growth and external expansion.$quot;

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