China Integrated Energy Forecasts Higher Profit

XI'AN, China (AP) — China Integrated Energy Inc. said Thursday it expects its third-quarter earnings to rise 4.4 percent, bolstered by stronger sales. The Chinese oil and gas producer also lifted its full-year outlook.

For the quarter, the company said it anticipates net income of $9.5 million on sales of at least $71 million — an increase of nearly 13 percent from the year-earlier period.

China Integrated also said it now expects sales to grow 22.4 percent to at least $265 million in 2009. Net income is seen climbing more than 87 percent to at least $35 million for the year.

Also Thursday, China Integrated announced a public follow-on offering of 8 million shares of the company.

U.S.-traded shares of the company rose 9 cents, or 1.2 percent, to $8.14 in afternoon trading.