China Dredging Group Posts Third Quarter 2012 Results

China Dredging Group Posts Third Quarter 2012 Results

China Dredging Group Co. Ltd., one of the leading independent providers of dredging services in the PRC, today announced its unaudited financial results for the third quarter of 2012.

Nine Months Ended September 30, 2012 Highlights

– Revenues of $166.0 million, a 1.1% year-over-year increase;

– Gross profit of $89.4 million, a 4.0% year-over-year decreae;

– Net income of $60.8 million, a 17.3% year-over-year decrease;

– Operating cash flow of $73.3 million, a 21.0% year-over-year increase;

– Cash of $210.6 million and working capital of $226.9 million as of September 30, 2012.

Three Months Ended September 30, 2012 Highlights

– Revenues of $46.9 million, a 17.4% year-over-year decrease;

– Gross profit of $25.9 million, an 18.5% year-over-year decrease;

– Net income of $17.4 million, a 26.3% year-over-year decrease.

“I am very pleased that we were able to deliver steady quarterly results in revenue in the third quarter 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 took steps to reconfigure our modern dredging fleet to allow us to continue completing multiple projects simultaneously and to deliver our services more effectively in projects requiring a variety of dredging methods. In September 2012, we entered into a BT project in the Kemen Industrial Zone of Lianjiang County, Fujian Province with an estimated investment of $2 billion. In light of this upcoming project, we stopped leasing dredgers that are not suitable for it and continue to seek opportunities to lease dredgers suitable for our needs. While this transition in our fleet composition impacted our dredging capacity and revenues in third quarter of 2012, we expect to continue to gain recognition and increase our market share in China’s dredging industry.”

Press Release, December 13, 2012

Share this article

Follow Dredging Today

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

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

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you'll reach countless professionals in the sector. For more information, click below....

apply

Dredging jobs in Abu Dhabi at NMDC

National Marine Dredging Company “NMDC” aims to be the largest dredging player in the Arab’s Gulf region...

apply