TAI'AN, Shandong, China, April 16 /Xinhua-PRNewswire-FirstCall/ --
China RuiTai International Holdings Co., Ltd. (OTC Bulletin Board: CRUI)
(''China RuiTai'' or ''the Company''), a leading producer and distributor
of cellulose ether products in the People's Republic of China (''PRC''),
today announced its financial results for the fiscal year ended December
Fiscal Year 2007 Highlights
-- Sales increased 36.7% to $38.4 million
-- Gross profit increased 33.4% to $11.9 million
-- Gross profit margin was 31.0%
-- Operating income increased 52.3% to $8.1 million
-- Operating margin improved 216 basis points to 21.1%
-- Net income increased 62.2% to $4.9 million, or $0.23 per basic and
fully diluted share
-- Completed a production line to increase production capacity to 10,000
metric ton per year
-- Became a public company through a share exchange transaction in August
''We are pleased to see continuous strong growth as our cellulose ether products continue to receive wide acceptance while meeting the worldwide expanding demand,'' commented Dianmin Ma, Chief Executive Officer and Chairman of China RuiTai. ''In 2007, we exported about 2,400 metric tons of cellulose ether products to foreign markets in the United States, Europe, India, the Middle East, and South East Asia. Our sales in the domestic market were about twice that of our international market. We expect further growth in the domestic and international markets in 2008 and beyond.''
Full Year 2007 Results
During the year ended December 31, 2007, sales were $38.4 million, an increase of 36.7% from $28.2 million for 2006. This was primarily due to increased order volumes from the Company's existing customers. Hydroxypropyl Methyl Cellulose (HPMC) remained the Company's top-selling product, accounting for 68.4% in 2007, compared to 66.0% in 2006.
Gross profit in 2007 was $11.9 mill
|SOURCE China RuiTai International Holdings Co., Ltd.|
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