GFRE - Gulf Resources Provides 2011 Fiscal Year Financial Guidance 03/28 05:30 AM
NEW YORK and SHANDONG, China, March 28, 2011 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (GFRE:$5.54,00$0.00,000.00%) , a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced financial guidance for fiscal year 2011.
Based on the current market outlook and bromine price trends, the Company expects revenue to range from $195 million to $198 million and net income to range from $64 million and $66 million for the fiscal year 2011. This represents growth in revenue of between 23.2% to 25.1% and growth in net income of between 24.8% to 28.7% compared to the previous year. This guidance does not take into account any impact from potential acquisitions.
"As business environment and economic conditions continue to evolve for many of our customers in China, we continue to see strong demand for bromine, crude salt, and other specialty chemical products in 2011. We expect the price of bromine to stabilize at a high level and possibly reach a new historical high price during 2011," said Mr. Xiaobin Liu, CEO of Gulf Resources (GFRE:$5.54,00$0.00,000.00%) . "In addition, we will continue to look for acquisition targets of bromine assets and reserves in order to increase our competitive advantage and solidify our market leadership."
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