China Dredging Group Co., Ltd. (“China Dredging”), one of the leading dredging subcontractors in the P.R.C., today announced selected financial and operational results for the three months ended September 30, 2010.
Revenue $45.4 million,
Income from operations $23.5 million,
Net income $17.3 million,
Net cash provided by operating activities $24.9 million
China Dredging had nine dredgers in operation throughout the third quarter. Backlog as of September 30, 2010 was $124.1 million.
Mr. Alfred Ho, CFO of China Dredging stated, “We are pleased with the third quarter performance. We are well on our way to achieve our annual financial objectives for FY 2010.”
About China Dredging Group Co., Ltd.
China Dredging is one of the leading dredging subcontractors in the P.R.C.,operating a modern fleet of 9 high-capacity dredgers along the coast of China. Its vessels, which are fully committed during most of the next year to a contracted backlog, service blue-chip customers, including multi-billion-dollar international general contractors.
Source: China Dredging Group Co., Ltd., December 3, 2010