Longwei Petroleum, the Taiyuan, China-based firm, has announced a revenue increase of 69% to $79.7 million (€60.6 million) in October and November 2010, compared the same period the year before.
Revenues for the fiscal year ended 30 June 2010 were $343 million (€261.2 million), a 72% increase from fiscal 2009 revenues of $197 million (€150 million).
The company has forecasted revenues exceeding $500 million (€380.7 million) for the fiscal year ended 30 June 2011, a 46% increase from fiscal 2010. Revenues for the first five months of 2011 increased 81% year-over-year to $193 million (€146.9 million), up from $106.6 million (€81.1 million) for the first five months of 2010.
The increase is primarily due to the contribution of the company’s new Gujiao facility and strong customer demand.
Cai Yongjun, president and CEO of Longwei, says: ‘We are very pleased with our financial performance this quarter as our customers’ demand for petroleum products continues to grow.
‘We are now enjoying the benefits of having our Gujiao facility open for a year. The advantage of our large storage capacity and proximity to our customers allows us to better serve their needs. We have established a reputation for having product on-hand, and we can deliver on a timely basis to support our customers’ growth.’