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Gulf Resources (NASDAQ:GURE) today announced results for the 3rd Quarter and 9 months ended September 30, 2022
SHOUGUANG, China, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources", “we,” or the "Company"), a leading manufacturer of
About this update from Gulf Resources, Inc.
[{"type":"text","content":"SHOUGUANG, China, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq: GURE) (\"Gulf Resources\", “we,” or the \"Company\"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced unaudited financial results for the three and nine months ended September 30, 2022. Financial Highlights For the three-month period ending September 30,2022 Revenues increased 29% to $22,862,795 compared to the same period of 2021.Income from operations increased 68% to $11,942,592 compared to the same period of 2021.Profits before taxes increased 68% to $11,978,347.Net income increased 66% to $8,967,380.Earnings per share increased 65% to $0.86. For the nine-month period ending September 30,2022 Revenues increased 39% to $47,505,246.Income from operations increased 1085% to $16,986,668 from $1,433,742.Net income increased 6672% to $12,749,228 from $188,271Earnings per share increased 6000% to $1.22 from $0.02 Balance Sheet Highlights The decline of the RMB against the USD had a significant negative impact on the balance sheet. However, even with this decline: Cash was $92,638,278 or $8.85* per share.Working capital was $94,113,446 or $8.99* per share.Shareholders’ Equity Book Value was $268,613,759 or $25.65* per share. For the Three Months Ending September 30, 2022. In the third quarter, revenues, income from operations, profits before taxes, net income, and earnings per share all increased sharply. Revenues increased 29% to $22,862,795. Income from operations increased 68% to $11,942,592. Profits before taxes increased 68% to $11,978,347. Net income increased 66% to $8,967,380. Earnings per share increased 65% to $0.86. Segment ResultsBromineBromine revenues increased 33% to $19,845,773 from $14,913,004. Production in tonnes increased 6% while the average selling price increased 26%. We had four factories in operation. While factory #8 was approved for production, we spent the period after approval preparing for opening. We expect this factory to produce revenues in the fourth quarter. The average selling price in the third quarter was $7,474 compared to $5,938 in the third quarter of the previous year. The cost of net revenues was $7,362,103 compared to a cost of $6,599,977 in the previous year. A major factor in the increase in costs was a reallocation of expenses to bromine as a result o...