GSI--General Steel Holdings Announces Record Third Quarter 2007 Financial Results
Wednesday November 14, 4:01 pm ET
BEIJING, Nov. 14 /Xinhua-PRNewswire-FirstCall/ -- General Steel Holdings, Inc. ("General Steel") (''The Company'') (Amex: GSI - News), one of China's leading non-state owned steel products producer; today announced its results for the third quarter which ended September 30, 2007.
Financial Highlights
-- Revenue increased 636% to $345.4 million
-- Net Income increased to $8.0 million, or $0.25 in EPS
-- YTD Revenues reached $504 million, Net Income of $10.4 million and
$0.33 in EPS
Achievements
-- Approved for listing on American Stock Exchange
-- Received tax rate reduction for Longmen Joint Venture
-- Longmen Joint Venture acquired controlling interest in two companies
''As the first full quarter of reporting for all three of our subsidiaries, we are indeed happy to deliver to our shareholders record revenue and profit results. This is a strong confirmation to us that our aggregation strategy in the China steel industry is yielding significant fruit'' state Henry Yu, CEO and Chairman of General Steel. He further commented, ''We were also pleased this quarter to receive qualification approval from the National Development Reform Commission (NDRC) for the ''Go West'' special tax treatment lowering our effective tax rate at the Longmen Joint Venture from 33% to 15%. A capstone event of the quarter was our approval to list on the American Stock Exchange. All-in-all, we are very pleased to offer our shareholders the results of this quarter.''
