Gulf Resources, Inc. (NASDAQ:GURE) Reports Stellar Increase In Net Income

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Gulf Resources, Inc. (NASDAQ:GURE) was up by 4.3 percent to close at during trading on 18th March on the back of company declaring superlative results from its 4Q and full year 2013 operations on 17th March , after market close.

Fourth Quarter Highlights

The firm reported a big 36.5 percent increase in 4Q revenue to reach $30.1 million in comparison to its 4Q12 numbers. On the back of increase in revenue, the gross profits went up by $9.1 million for the quarter. The company was thrilled to report that this represented a huge 117 percent increase over its 4Q12 achievements under this header. Margins almost doubled to 30.4 percent in the quarter as against the 19.1 percent it reported in 4Q12. The best part of the results announcement, was the huge 186 percent increase in net income to $7.6 million, as against the $2.6 million it had reported in 4Q12. Operating margins also doubled to reach 25.1 percent in 4Q, as against 12 percent in 4Q12. Net income per share came in at 15 cents, as against 5 cents it had reported in 4Q12.

Fiscal Year 2013 Highlights

For the full year operations, its revenue came in at $118.4 million, which translates to a 16 percent increase over its 4Q12 revenue.  Gross profits went up by 21 percent to reach $34.2 million, while gross margins were up 29 percent in 2012. Net income came in at $21 million for the full year leading to earnings per share of 55 cents as against the 43 cents it had recorded in 2012. The company also boasted cash of $107 million from the year’s operations.

Gulf Resources, Inc. (NASDAQ:GURE) President and Chief executive officer Xiaobin Liu has been quoted to have highlighted the efforts that have gone into the profits bookings by stating that, “ The Company made persistent efforts to expand sales markets, increase production utilization rate and decrease management and administration expenses during the fiscal 2013.”

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