AIYUAN CITY, China, Feb. 9, 2012 /PRNewswire-Asia-FirstCall/ -- Longwei Petroleum Investment Holding Ltd. (NYSE Amex: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), today announced its financial results for the three and six months ended December 31, 2011.
Second Quarter Fiscal Year 2012 Financial Highlights: (Year-over-Year, 3-Month Results)
- Revenues increased 5.2% to $126.4 million, compared with $120.2 million.
- Income Before Taxes increased 34.5% to $20.6 million, compared with $15.3 million.
- GAAP Net Income Attributable to Common Shareholders increased 58.7% to $15.2 million, compared with $9.5 million.
- Basic and Diluted Earnings per Share ("EPS") increased to $0.15 per share for the three months ended December 31, 2011, compared to $0.10 per Basic EPS and $0.09 per Diluted EPS for the three months ended December 31, 2010.
- The Company's Taiyuan and Gujiao fuel storage facilities contributed revenues of $64.8 million and $56.3 million, respectively. Agency fees contributed $5.3 million to revenues.
- Stockholders' Equity increased $37.5 million to $299.2 million, compared with $261.7 million.
Six Months Fiscal Year 2012 Financial Highlights: (Year-over-Year, 6-Month Results)
- Revenues increased 4.9% to $245.0 million, compared with $233.5 million.
- Income Before Taxes increased 72.0% to $43.8 million, compared with $25.4 million.
- GAAP Net Income Attributable to Common Shareholders increased to $33.0 million, compared with $14.3 million.
- Basic EPS increased to $0.33 per share and Diluted EPS to $0.32 per share, compared to $0.15 per Basic EPS and $0.14 per Diluted EPS for the six months ended December 31, 2010.
- The Company's Taiyuan and Gujiao fuel storage facilities contributed revenues of $123.1 million and $111.1 million, respectively. Agency fees contributed $10.8 million to revenues.
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