本文发表在 rolia.net 枫下论坛Hanfeng second-quarter profits soar 245% to $4.7M; shares surge 10.5%
Last Update: 8/8/2007 7:04:44 PM

TORONTO, Aug 08, 2007 (The Canadian Press via COMTEX) -- Second-quarter profits at fertilizer maker Hanfeng Evergreen Inc. (HF) soared 245 per cent as net income from continuing operations reached $4.7 million compared to $1.4 million in 2006, the company reported Wednesday.

Sales for the quarter were $30.9 million, up sharply from $12.8 million a year ago. Earnings per share were eight cents for the second quarter of 2007 compared to three cents in 2006.

Hanfeng attributed the strong results to rapid expansion of production capacity at its Chinese plants in Heilongjiang and Jiangsu.

Actual production from all facilities in the first half of 2007 was approximately 167,700 tonnes versus 38,800 tonnes in the first half of 2006.

The production is primarily targeting the agriculture market in China.

The company also said it had raised $80.6 million through share subscription agreements with Agrium and PetroChina.

Hanfeng discontinued its nursery and landscaping businesses in late 2005 and May 2006 respectively to focus solely on its slow-and controlled-release fertilizer business.

The discontinued operations had no impact on the second quarter results in 2006, the company said.

CEO Xinduo Yu said Hanfeng's facilities operated at an average utilization rate of about 90 per cent.

"We are very proud of our ability to increase production and sales quickly as all these plants are still at their early stages of operating history."

Shares in Hanfeng surged more than 10 per cent on the Toronto Stock Exchange, closing up $1.34 Wednesday at $14.06.

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