Longwei expects year-over-year revenue growth of approximately 26.6% to $646.3 million, and net income growth of approximately 24.2% to $77.6 million, adjusted for the warrant derivative liability, for the fiscal year ending June 30, 2013. The growth is driven primarily by the ramp-up of the Huajie facility and organic growth at the Company's two existing facilities.Recent economic indicators show that the PRC economy has stabilized and expects higher growth in the fourth quarter of 2012. "Now is a critical point for the country's industrial economy. Positive factors are accumulating," said Zhu Hongren, Chief Engineer of the Ministry of Industry and Information Technology. The PRC also surpassed the United States as the world's largest recipient of global foreign direct investment in the first half of 2012, showing that global investors have confidence in the world's second-largest economy. China Daily ( October 26, 2012).
Longwei Petroleum Signs Sales Agreements With Major Huajie Customers
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