November 14, 2008
China Natural Gas Reports Surge in Q3 Net Income
China Natural Gas has reported a net income of $5.13 million, or $0.18 per diluted share, for the third quarter ended September 30, 2008, compared to $1.96 million, or $0.07 per diluted share, for the same period of 2007.
Revenue for the third quarter was $18.4 million, a 102.7% increase compared to $9.1 million for the same quarter of 2007.
The company has reported a net income of $11.46 million, or $0.39 per diluted share, for the first nine months of 2008, compared to $6.82 million, or $0.27 per diluted share, for the same period of 2007. Year-to-date revenue was $49.32 million, compared to $24.1 million for the same period of 2007.
Qinan Ji, chairman and CEO of China Natural Gas, said: "We are pleased to share our third quarter results with our investors. Despite the non-cash interest expenses incurred in the third quarter, our net income increased 161.8% year over year and 46.2% from the second quarter of 2008."