Business
Asia Bio-Chem Group Corp. Announces Third Quarter 2010 Financial Results
Asia Bio-Chem Group Corp. Announces Third Quarter 2010 Financial Results
About this update from Absolutely Critical Resources Corp.
[{"type":"text","content":"\n\n\n\n Nov. 11, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTORONTO, Nov. 11 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC) ("Asia\n Bio-Chem" or the "Company") is pleased to announce its interim\n financial statements for the three-month period ending September 30,\n 2010.\n\n\nInterim Financial Results\nHighlights\n\n\n\nDuring the third quarter of 2010, the Company achieved 115.1% increase\n in revenues to $49.9 million and a 54.3% increase in gross profit to\n $6.0 million compared with the corresponding period of 2009.\n\n\nThe Daqing plant produced a total of 112,783 tonnes of product during\n the third quarter, representing approximately 80% of capacity.  With\n the completion of the intermodal loading dock at the Daqing plant, we\n expect utilization to improve in the fourth quarter.\n\n\nWith the closure of the Changtu facility since mid-August for upgrades\n and relocation, total production from the company declined by 14% from\n the second quarter to 147,740 tonnes.  The relocation and upgrade of\n Changtu is progressing on schedule and we expect to begin production at\n the end of November.\n\n\nThe addition of the Daqing plant coupled with continued improvement in\n product pricing contributed to an 89.2% increase in EBITDA before stock\n based compensation during the third quarter of 2010 compared with the\n same period in 2009.  Net income increased $0.9 million or 103.7% in\n the third quarter of 2010 to $1.7 million compar...