Sinoenergy Q1 Net Revenue Surges 235%

Sinoenergy has reported net revenue of $8.8 million for the first quarter of fiscal 2008, a 235% increase, compared to $2.6 million for the first quarter of fiscal 2007.

Gross profit for the first quarter of fiscal 2008 increased 130.3% to $3.9 million from $1.7 million in the first quarter of fiscal 2007. Operating expenses for the first quarter of fiscal 2008 were $1.2 million, an increase of 65.6% from $703,000 in the first quarter of fiscal 2007.

Net income for the first quarter of fiscal 2008 was $2.3 million, or $0.07 per basic share and $0.06 per diluted share, up from net income of $1.1 million, or $0.08 per basic share and $0.06 per diluted share, for the first quarter of fiscal 2007.

Bo Huang, CEO of Sinoenergy, said: “We had a successful quarter driven by growth in our compressed natural gas (CNG) station equipment business, which accounted for more than 52% of net revenue in the first quarter of fiscal year 2008. An above average number of CNG truck trailers, 45 were manufactured during the quarter. Our new retail CNG filling station business began generating revenue, which we see as a milestone in developing a network of retail CNG filling stations.”