NEW YORK (AP) â¿¿ China Valves Technology Inc. said second-quarter net income rose sharply, boosted by both acquisitions and increased demand from the Chinese government.
The nation's centralized government is pushing aggressively for rapid industrialization and major infrastructure projects, China Valves said.
Market approval of the company's high temperature high pressure power station gate valves and two-way metal sealing butterfly valves also boosted sales.
Net income rose to $14.9 million, or 41 cents per share, from $140,530, or a penny per share, last year.Excluding a one-time items related to a change in fair value of warrant liabilities, net income totaled 39 cents per share, compared to 25 cents per share last year. Revenue nearly doubled to $49.3 million from $24.9 million last year. That was mainly due to recent acquisitions of Yangzhou Rock Valve Lock Technology Co. Ltd., Able Delight Valve Co. Ltd. and Shanghai Pudong Hanwei Valve Co. Ltd. The company said it had a backlog of about $87.9 million in orders at the end of July. "Integrating our newly acquired subsidiaries and consolidating their sales is our key focus for the remainder of 2010," said CEO Siping Fang.