Chuang Hon Yi Axle Co.,Ltd.("Golden Horse" or "the Company") a leading Chinese manufacturer and supplier of ball bearings, announced yesterday unaudited consolidated operating results for the three month period ended March 31, 2008 ("Q1 2008"). Highlights for Q1 2008:
-- the Company recorded revenues of $6.30 million in Q1 2008 or approximately 48.79% of the revenues recorded in the year ended December 31, 2007 ("FY 2007").
-- the Company recorded a gross profit of $1.15 million in Q1 2008 and the Gross Profit Margin increased by 39.72% from 13.04% during FY 2007 to 18.22% in Q1 2008.
-- the Company recorded an operating profit of $0.894 million in Q1 2008 and the Operating Profit Margin increased by 121.53% from 6.41% during FY 2007 to 14.20% in Q1 2008.
-- the Company recorded net income after taxes of $0.609 million in Q1 2008 and the Return on Assets increased by of 13.10 % from 8.55% during FY 2007 to 9.67% in Q1 2008.
-- during FY 2007, the Company recorded revenues of $12.91 million, gross margin of $1.68 million, operating income of $0.827 million and net income after taxes of $1.1 million.
The increase in revenue is attributable to growing global demand for steel bearings as the Company had positive growth in sales from its existing customer base and was able to obtain new contracts. The Company increased prices of the steel bearings to offset the higher direct material costs of steel as the price for raw material steel products continues to increase as a result of higher global demand. In addition, the Company has started to realize the dramatic increase in gross profit margin as the result of the capital investments made in 2007 to improve its offering of bearing products and modernization of equipment and machinery, including the opening on the new plant in Xuyi. The Company will be uploading the financial statements onto the website, and we encourage the public to visit our website at www.nbkbearings.com. About Us: Golden Horse along with its affiliates and controlled entities is one of the top five manufacturers of steel ball bearings in China. The Company produces over three billion ball bearings annually of various specifications along with its development of over 15 new products, such as stainless steel balls, aluminum balls, and ceramics balls. In addition, the Company continues to export its products to over twenty countries worldwide including the USA, Japan, Brazil, India, and Germany.
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New Century Energy Corp. (OTCBB:NCEY) closed at $0.15 Wednesday, trading 238,460 shares.
Company News- June 12, 2008: New Century Energy Corp. Announces New Oil Discovery New Century Energy Corp. (OTCBB:NCEY) announced earlier today another new oil discovery resulting from its ongoing drilling program in McMullen County, Texas. The Company is pleased to report its recent success and positive results from its newest oil completion in the San Miguel Creek Field, in McMullen County, Texas. The Rabke-Maspero Unit #4 well was recently completed in the Wright Sand at a depth of 5,550 feet and has been flowing continuously over the past week at rates in excess of 85 barrels of oil per day (BOPD) on a 9/64 choke with flowing tubing pressure of 545 pounds per square inch. We own 100% of the working interest in this well through our subsidiary Gulf Coast Oil Corporation. In addition to this completion in the Wright Sand, we have also identified probable behind pipe reserves in this well that will be production tested after the current completion depletes. The production facility is built and oil sales have already commenced from this new well, stated Edward DeStefano, the Companys Chief Executive Officer. Also, during May we drilled and set production casing in two new additional wells in this field and completion operations on these wells will commence next week. Based on our ongoing 3D seismic interpretation program in McMullen County, we have identified numerous additional drilling prospects on company-controlled acreage, and plan to continue drilling throughout 2008 and into 2009, added Mr. DeStefano.
About New Century Energy Corp. New Century Energy Corp. is an independent energy company engaged in oil and gas exploration, development and production. New Century Energy Corp. currently owns oil and gas leases on over 20,000 gross acres throughout the State of Texas, including oil-producing acreage in McMullen, Wharton, and Jim Hogg Counties, Texas. The Company also owns natural gas-producing fields which include the operated South Sargent Field in Matagorda County, and non-operated interests in the Wishbone Field in McMullen County, Texas. New Century Energy Corp.s mission is to increase shareholder value by: acquiring proven oil and gas reserves, profitable drilling and development on company-owned acreage, and by participating in joint ventures that can expand its development program and prospect base. Additional information is available at: www.nbkbearings.com.
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Platina Energy Group, Inc. (FRANKFURT: O5Y) closed at $0.095 Wednesday, trading 161,195 shares.
Company News- June 12, 2008: Platina Energy Group Reaches Targeted Drilling Depth for Two (2) Kentucky Wells
Earlier today the following was announced:
Platina Energy Group, Inc. (FRANKFURT: O5Y) reports targeted drilling depth for two (2) additional wells on its Kentucky field. Both wells have shown good indications for production and will be completed before the end of next week. Blair Merriam, President of Platina, stated, "These are the second two (2) wells to be drilled on the Kentucky site. Our first drilling activity continues to produce natural gas into the pipeline. We will be examining the potential to produce both gas and oil from some of these locations as we continue our aggressive developmental program on this field. We are very fortunate to have cooperative conditions and management is elated by our progress -- ahead of schedule and within budget." Similar to the first drilling activity for the Kentucky field, Platina expects commercialization into the pipeline within the next two weeks and additional oil extraction to be possible by July.
About Platina Energy Group
Platina is an environmentally responsible, fast growing E&P strategic reserve Company. Since organization in 2005, it has acquired proven producing and proven non-producing reserves in addition to other possible reserves. The Company also owns rights to German Inspired oil extraction technology. The Company continues to be aggressive in developing and acquiring new and existing producing fields.
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本文转自：China Industry News