China Dredging Group Posts Second Quarter 2012 Results

China Dredging Group Posts Second Quarter 2012 Results.

China Dredging Group Co., Ltd., one of the leading independent (non-state-owned) providers of dredging services in the PRC, announced its unaudited financial results for the second quarter of 2012.

Six Months Ended June 30, 2012 Highlights

– Revenues of $119.1 million, a 10.9% period-over-period increase,

– Gross profit of $63.5 million, a 3.5% period-over-period increase,

– Net income of $43.4 million, a 13.1% period-over-period decrease,

– Operating cash flow of $47.3 million, a 11.4% period-over-period increase,

– Cash of $158.4 million and working capital of $181.5 million as of June 30, 2012.

Three Months Ended June 30, 2012 Highlights

– Revenues of $59.6 million, a 4.1% period-over-period increase,

– Gross profit of $32.0 million, a 0.8% period-over-period decrease,

– Net income of $21.7 million, a 6.7% period-over-period decrease.

“I am very pleased that we were able to deliver steady quarterly results in revenue in the first half of 2012,” said Mr. Xinrong Zhuo, Chairman and Chief Executive Officer of China Dredging. “We expanded our dredging volume in the first half of 2012 and have taken steps to reconfigure our modern dredging fleet to allow us to continue completing multiple projects simultaneously and to deliver our services more effectively in those projects that require a variety of dredging methods. We expect to continue to gain recognition and increase our market share in China’s dredging industry.”

Press Release, September 24, 2012

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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