Boston, MA 05/12/2014 (wallstreetpr) – The China-based chief manufacturer of crude salt, bromine and chemical products, Gulf Resources, Inc. (NASDAQ:GURE), unveiled its economic facts and figures on May 9, 2014. The report covers the financial statistics till March 31, 2014.
CEO says
The CEO of Gulf Resources, Inc. (NASDAQ:GURE), Mr. Xiaobin Liu, stated that the financial report for this quarter is very encouraging and satisfactory. He went on adding, the revenue from the chemical products segment has increased 36.9% compared to the last year’s production. The operating income also enlarged by 115% along with the net income, which increased drastically by 128%. Mr. Liu also appreciated the employees as well as the investors for such splendid work and support.
Net revenue
The first quarter which ended by March, 2014 signified ample of excellent economic figures. Gulf Resources, Inc. (NASDAQ:GURE) accumulated net revenue of $25,592,176, which is 14% more than that of 2013’s net revenue. In 1Q2013, the company registered $3.1 million less net revenue. The chemical products segment attributed $11,388,365 in this quarter, an increase of 36.9% over the last year.
Gross profit
Gross profit measured by the company stands at $6,875,772 or 27% of the net revenue of 1Q2014. During the same period in 2013, Gulf Resources, Inc. (NASDAQ:GURE)’s gross profit was $4,517,108 or 20% of the net revenue of that same year. All the major three segments contributed significantly for such impressive result.
Expenses and net income
The R&D expenses during the first three months of the year were $30,780, which in the previous year was $17,702. The expenses plunged by 74% within one year. The G&A (General and Administrative) expenditure decreased 33% from $1,969,217 to $1,320,518. The operating income rose from $2.6 million to $5.6 million (an increase of 115%). The net income of Gulf for this quarter was $4.3 million or $0.11 per share (basic and diluted). The operating margin increased by 10% from the last year. In brief, Gulf Resources, Inc. (NASDAQ:GURE) did a commendable job in the first quarter of 2014.
