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Latest Headlines
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Nov 19, 2009 9:54:00 AM MST
Changfeng Energy''s Q3 profits improve to $93,296 as revenues rise 40 per cent (Changfeng-Energy)
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TORONTO _ Changfeng Energy Inc. (TSXV:CFY) says it "continues to actively pursue" new business after the junior natural gas company reported increased third-quarter profits and revenue Thursday.
For the July-September period, the Toronto-headquartered company´s net income improved to $93,296 versus $82,234 last year. Earnings per share amounted to half a cent in both periods.
The company, which has a focus in China, had revenues of $4.1 million, up more than 40 per cent from $2.9 million.
Changfeng designs and constructs natural gas distribution networks in the greater Sanya City region of Hainan province, China.
"Changfeng will continue its steady growth in the Sanya region," stated chairman and chief utive Huajin Lin.
Lin said the company would also "increase focus on mainland development through the establishment of strategic partnerships in the CNG filling station and urban pipeline natural gas construction and distribution business."
At the end of the quarter, Changfeng had 44,892 residential customers, up almost 33 per cent from year-ago levels while commercial customers totalled 418, an increase of 21 per cent.
On the TSX Venture market, shares of the company inched up half a penny to 35.5 cents.
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