Longwei Petroleum Provides Corporate Update; Says First 5 Month Revenue up 6.1% YoY
Longwei Petroleum Investment Holding Ltd. (NYSE: LPH) today provided a year-end 2011 corporate update.
"We are pleased with our strong operating results year-to-date," stated Mr. Cai Yongjun, Chairman and CEO of Longwei. "Our revenues for the first five months of our fiscal year ending June 30, 2012 are up 6.1% year-over-year to $204.8 million. We are also on track to close on our third facility as soon as possible. We are working with the seller and local officials to finalize the asset transfer."
To date Longwei has paid a RMB 550 million (approximately $86.3 million USD) deposit toward the total purchase price of RMB 700 million (approximately $109.9 million USD) for the purchase of the assets of Huajie Petroleum, a fuel storage depot in northern Shanxi Province with a 100,000-metric-ton storage capacity. "With the closing of our third facility, Longwei becomes the dominant private storage facility operator in the central region of the PRC," stated Mr. Cai. "We expect continued strong demand and have become more selective in our customer base to maintain our profit margins."
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