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.”

[mappress]

Press Release, September 24, 2012

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