Guanwei Recycling Corporation (GPRC)

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Shares of Guanwei Recycling (NASDAQ: GPRC), the China-based manufacturer and distributor of low density polyethylene, rose 38.10% Monday on 13 times average volume.

Guanwei Recycling reported Tuesday that revenues in its second quarter ended June 30, 2012 increased 18.6% to $18,694,938, including $1,773,129 from the resale of raw materials, compared with revenues of $15,757,662 in the same quarter last year. The Company also reported an increase of 3.41% in the selling prices of its manufactured recycled LDPE year over year. However, this increase was not sufficient to offset increased raw material, labor and overhead costs in the period. The resulting lower profit margins contributed to an 8.41% year over year decline in net income to $3,163,030, or $0.15 per share, compared with $3,453,360, or $0.17 per share, in the 2011 second quarter.

Guanwei Recycling closed at $0.87 on Monday.
http://www.benzinga.com/trading-ideas/long-ideas/12/08/2832856/benzingas-microcap-movers-for-monday-august-14-2012


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