Yalian Steel Announces Financial and Operational Results for the Year Ended September 30, 2010
24 Dezember 2010 - 12:43AM
PR Newswire (Canada)
VANCOUVER, Dec. 23 /CNW/ -- TSX-V:YL VANCOUVER, Dec. 23 /CNW/ -
Yalian Steel Corporation (TSX-V: YL) today announced its financial
and operating results for the year ended September 30, 2010. The
"Company" or "Yalian" refers to Yalian Steel Corporation (formerly
China Drill Corporation) and its subsidiary, Yangzhou Yalian Steel
Pipe Co. Ltd ("Yangzhou Yalian"), which operates primarily within
the People's Republic of China ("PRC"). The Company completed its
qualifying transaction and began trading as a public company in
December 2008. Yalian reports its results in Canadian dollars, as
reported here, unless otherwise stated. For the year ended
September 30, 2010, Yalian reported revenues of $908,737; cost of
sales of $1,335,324; operating expenses of $2,637,896 and other
expenses (net of income) of $349,117. Net loss for the year was
$3,413,600, or $0.04 per share. For the three month period ended
September 30, 2010, Yalian reported revenues of $387,547; cost of
sales of $666,954; and operating expenses of $545,205. Net loss for
the three month period was $823,467, or $0.01 per share. As at
September 30, 2010, cash and cash equivalents were $7,442,099,
restricted cash was $5,078,700, and the Company's working capital
position was $17,677,544. Total assets were $84,493,204, the
long-term loans, net of financing costs, were $30,975,324, and
total shareholders' equity was $43,921,511. Operational and
Business Highlights During the year ended September 30, 2010,
Yalian achieved a number of operational and business milestones
including: In February 2010, Yangzhou Yalian received approval from
the American Petroleum Institute for certification and license
registration of "5L X-70 Grade" for its high grade steel large
diameter pipe mill and is in the process of applying for additional
certification of X-80 grade and higher. In March 2010, Yangzhou
Yalian received an A1 Grade production license from the State
General Administration of the PRC for Quality Supervision,
Inspection and Quarantine. The "A1 Grade" is the highest production
license available and permits Yangzhou Yalian to manufacture LSAW
pipes for all grades of steel to be manufactured and sold within
the PRC. By the end of March 2010, Yangzhou Yalian had received all
of its required permits, licenses and industry certifications
necessary to commence operations in China. For the quarter ended
September 30, 2010, the Company manufactured and delivered several
sales orders and continued to focus its efforts on the development
and expansion of its sales and marketing activities within PRC and
abroad. In addition to completing numerous bid submissions for a
number of large oil & gas projects in PRC, Europe and the
Middle East, the Company was added to the pre-approved natural gas
vendor lists for Hubei province, Jiangsu province, Guangdong
province and Zhejiang province in the PRC. As at September 30,
2010, the Company had substantially completed the installation,
testing and commissioning of plant and equipment and has recently
commenced commercial operations. During the year ended September
30, 2010, the Company completed the planning and engineering phase
of its new anticorrosion line and the construction commenced during
the month of September. The project is expected to cost
approximately $5,300,000 and is expected to be completed in
calendar year 2011. The Company's production plant has a rated
capacity to produce up to 200,000 metric tons of LSAW pipes per
year, depending on product and mix specifications. For more
detailed information, please refer to the Company's filings on
SEDAR at www.sedar.com. About Yalian Steel Corporation Yalian Steel
Corporation is a British Columbia corporation focused on the
production of high quality Longitudinally Submerged Arc Welded
(LSAW) steel pipe to service Asia's rapidly growing energy
transportation infrastructure market. The Company has recently
completed construction of its initial manufacturing facility in
city of Yangzhou, in the Jiangsu province of China. The Company's
production line has a rated capacity of up to 200,000 metric tons
per year, depending on product and mix specifications. The Yangzhou
Yalian plant utilizes the JCOE (J-ing, C-ing, O-ing, Expanding)
process, an advanced method of LSAW pipe production that involves
the bending and shaping of X-70 and higher grade steel. Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this press
release. This press release contains forward-looking statements
based on current expectations. These forward-looking statements
entail various risks and uncertainties that could cause actual
results to differ materially from those reflected in these
forward-looking statements. Risks and uncertainties about Yalian's
business are more fully discussed in the Company's disclosure
materials filed with the securities regulatory authorities in
Canada. All amounts are stated in Canadian dollars unless noted
otherwise. To view this news release in HTML formatting, please use
the following URL:
http://www.newswire.ca/en/releases/archive/December2010/23/c7796.html
pYALIAN STEEL CORPORATION/p pLan Shangguan, Chief Financial
Officerbr/ Tel. No.: (604) 696-6388/p pbFor further company
information please access our website:/bua
href="http://www.yaliansteel.com/"www.yaliansteel.com/a/u/p
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