Shares of Sinoenergy Corporation (OTCBB: SNEN) jumped up today after the company filed its 10QSB with its second quarter results and issued a press release this morning announcing the date of a conference call to discuss these results. In mid-day trading, SNEN was up 27 cents (10 percent) to $2.92 per share.
For the three months ended June 30, 2007, the company reported net revenues of $6.2 million, which almost doubles its year ago numbers of $3.4 million. Profits also increased substantially with SNEN reporting net income of $1.9 million, or 7 cents per share, compared to net income of $137,000, or 1 cent per share, in the year ago period.
SNEN has a strong cash position as well reporting $4.3 million cash on hand as of June 30, 2007, compared to $588,000 cash on hand as of December 31, 2006.
SNEN announced a substantial new business partner late last week with the signing of an agreement with Sinopec (NYSE: SHI) to secure the supply of 200 million cubic meters of natural gas per year for 20 years to Anhui Gather Energy Gas Co. Ltd., a 45 percent subsidiary of Sinoenergy. The supply will be for compressed natural gas (CNG) vehicles and will commence after the Sichuan-Shanghai gas pipeline begins its operation.
SNEN is a manufacturer of CNG vehicle and gas station equipment as well as a designer, developer and builder of CNG stations in China. In addition to its CNG related products, the company also manufactures a wide variety of pressure containers for use in different industries, including the design and manufacture of various types of pressure containers in the petroleum and chemical industries, the metallurgy and electricity generation industries and the food and brewery industries.
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