Boston, MA 05/23/2013 (wallstreetpr) – Recon Technology Ltd. (NASDAQ:RCON), which has operations in the People’s Republic in China is involved in providing hardware, software and on-site services to petroleum mining and extraction companies in the area. The share prices of Recon Technology Ltd. (NASDAQ:RCON) increased by 32.52 percent to close at $2.20 per share for the last trading session.
Financial Results
The non state owned oil field services provider of China, Recon Technology Ltd. (NASDAQ:RCON) had recently reported its financial results for the third quarter of fiscal year, 2013. The total revenue of the company had increased by 28 percent to reach $10 million for the three quarters or nine months. Further the net income attributable to shareholders of Recon Technology Ltd. (NASDAQ:RCON) was observed to be $0.3 million or $0.07 per basic and diluted share.
The decline in net income of the company for the nine months period was attributed only to operational factors such as delay in completion of projects and not to any fundamental factors of business. Recon Technology Ltd. (NASDAQ:RCON) is involved in providing hardware and software related to automation of the extraction of petroleum so as to increase the efficiency of process. The operations of the company are located on site in the oil fields of China from where the petroleum is extracted. The company has an average trading volume of 45,292 shares per day and does not involve any institutional ownership. Recon Technology Ltd. (NASDAQ:RCON) had floated 3.95 million shares to the equity holders to raise capital for its operations.
