Apr. 19, 2012 (China Knowledge) - China
Gerui Advanced Materials Group Ltd<CHOP>, a leading high precision, cold-rolled strip steel producer in the country, reaped US$18.2 million in net profit in the fourth quarter of 2011, up 60.4% year on year from US$11.3 million.
Diluted earnings per American Depositary Share for the fourth quarter increased to US$0.31 from US$0.23 in the same period of 2010.
In the three months ended Dec. 31, 2011, the Nasdaq-listed firm's revenue increased by 39% year on year from US$66.1 million to US$91.9 million, principally boosted by a 10.1% increase in average sales price.
Gross profit increased 42.5% year on year from US$19.6 million to US$28 million in the fourth quarter of 2011 with gross margin reaching 30.4%.
For the whole year of 2011, the company's net profit reached US$57.6 million, up 22.4% year on year from US$47.1 million. Revenue for last year increased 34.6% to US$341.8 million from US$253.9 million the firm realized in 2010.
At the end of last year, the company had US$246.6 million in cash, compared with US$119.5 million it had as of Dec. 31, 2010.