Statistics
China Fire Q4 profit halves
(Agencies)
Updated: 2010-03-19 13:09
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Fire safety products maker China Fire & Security Group Inc posted a 57 percent drop in quarterly profit, hurt by income tax on its operating subsidiary in China and the delay in signing a steel project contract.
The Nasdaq-listed company sees 2010 earnings of $1.65 to $1.70 per share.
For the fourth quarter, the company reported net income of $2.9 million, or 10 cents a share, compared with $6.8 million, or 24 cents a share, a year ago.
Analysts on average were expecting the company to earn 12 cents a share, before special items, on revenue of $16.9 million, according to Thomson Reuters I/B/E/S.
"Due to the larger than expected size and scope of the Wuhan Iron and Steel retrofitting project, we had a delay in the signing of the contract, from which we had projected a $10 million revenue contribution during the fourth quarter of 2009," Chief Executive Gangjin Li said in a statement.
The company kept its 2010 revenue outlook of $135 million to $145 million.
