Boston, MA 05/16/2014 (wallstreetpr) – Guanwei Recycling Corp. (NASDAQ:GPRC) is one of the leading Chinese tech manufacture and work with a vision keeping China completely safe and secured. Recently this company announced the financial results of Q1. Below are the details of the announcement made by the GPRC-
Financial Results of the Q1:
The Q1 was not so good for Guanwei Recycling Corp. (NASDAQ:GPRC) in terms of YOY comparison of Q1 2014 and Q1 2013. Due to less consumer demand, the company faced 22% reduction on the sales volume on YOY basis which leaded to a 20.6% decline in the revenues on YOY basis. The recorded revenue for the Q1 was $11.7 million which was very less in comparison to revenues of previous months. When it comes to the costing part, the company faced 85.93% increment in the manufacturing cost on YOY basis. The net income of the company in the Q1 was totaled as o $756,066.
Some of the reasons which might have played a significant part in this negative growth are as follow-
- According to the CEO of the company, the economic outlook for the current year was not certain which resulted into one of the worse periods that company had to face.
- Due to uncertainty in the economy, many of the experienced workers left the job which resulted in the decreased efficiency and further in less productivity.
- The demand of the tech products which company deal in had decreased significantly over a period of 12 months, while at the same time the cost went on increasing, thus the company had to face all the problems.
So these are some of the highlights from the results of Q1 made public by the management of Guanwei Recycling Corp. (NASDAQ:GPRC). In coming months, the economy is expected to grow better, thus management hopes for a better Q2 results in couple of months’ time.
