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Sutor Technology announces Q1 result-sheet metal expo-wire expo
11/16/2013 sheet metal expo,wire expo |
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Sutor Technology Group Limited announced its unaudited financial results for the first quarter of fiscal year 2014 ended September 30th 2013.
First Quarter of Fiscal 2014 Major Events Highlights:
1. Successfully renewed the provincial High-tech Enterprise status for Changshu Huaye Steel Strip Company Ltd., a subsidiary of Sutor;
2. Achieved the first milestone of 80,000 registered users for Jinying365.com - an electronic B2B commerce platform exclusively for the heavy industries;
3. Completed technological upgrading of the steel pipe production lines at Ningbo Zhehua Steel Pipe Manufacturing Co. Ltd., a subsidiary of Sutor; and
4. Made steady progress on the construction of a new cold-rolling steel production line of 500,000-metric tons annual capacity. We plan to start equipment test next month and commence trial production in January, 2014.
Ms Lifang Chen chairwoman and CEO of Sutor commented that "This is the fourth quarter in a row in which we achieved a quarterly EPS of USD 0.10 or higher. We also generated more cash flows from operations. We are very pleased that our performance has stabilized during the last several quarters after a challenging fiscal 2012. In the coming months, our priority will be on completing the new production facility on budget and on schedule. We hope the new facility will enable us to better optimize our integrated production lines and further strengthen our competitiveness. In addition, we will continue to explore the potential of combining our manufacturing businesses with electronic commerce. We hope the latter will provide us with additional growth catalysts for the years to come."
Ms Chen further commented that "We believe the recent initiatives by the Chinese central government to control excess capacity in several industries including the iron and steel industry will benefit the leading producers of the industries. Although we are in the fine finished steel business, we believe a restructured upstream segment of the iron and steel industry with balanced supply and demand will benefit all the parties involved - producers and consumers alike. We hope we can take advantage of the opportunities created during the economic transformation process in China and successfully carry out our growth initiatives."
金屬板材展-棒材展-線材展-金屬加工展-2014第十五屆廣州國際金屬板材、棒材、線材及金屬加工、配套設備展—全球三大金屬展之一巨浪展覽-
THE 15th GUANGZHOU INTERNATIONAL PLATEMETAL, BAR, WIRE, METAL PROCESSING & SETTING EQUIPMENT EXHIBITION
金屬板材展-棒材展-線材展-金屬加工展-2014第十五屆廣州國際金屬板材、棒材、線材及金屬加工、配套設備展—全球三大金屬展之一巨浪展覽-
THE 15th GUANGZHOU INTERNATIONAL PLATEMETAL, BAR, WIRE, METAL
PROCESSING & SETTING EQUIPMENT EXHIBITION
金屬板材展-棒材展-線材展-金屬加工展-2014第十五屆廣州國際金屬板材、棒材、線材及金屬加工、配套設備展—全球三大金屬展之一巨浪展覽-
THE 15th GUANGZHOU INTERNATIONAL PLATEMETAL, BAR, WIRE, METAL
PROCESSING & SETTING EQUIPMENT EXHIBITION
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