Sino Clean's 131% Revenue Growth Viewed Skeptically by Some

Proactive Investor submits:

Since dropping as much as 20% in morning trading on Friday after releasing its 2010 financial results, Sino Clean Energy's (SCEI) share price has recovered some ground in the afternoon, but is still down by a double-digit percentage. As of 11:49 am EST on Friday, the Chinese clean fuel producer's shares were down roughly 10% to trade at $5.14.

Despite the drop in stock price, the company's 2010 unaudited results showed massive growth from the prior year, turning a profit during the period.

The decrease could be a result of Sino's after-market statement yesterday that it has filed a 15-day extension with the SEC for filing its 10-k annual report, which was originally supposed to be filed on Thursday.

The company, which produces coal-water slurry fuel, a type of clean fuel that consists of coal particles suspended in water, reported 2010 earnings of $48 million, or $2.70 per diluted share.


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