FabChem, an explosives maker based in China, reported FY10 net RMB47.2m (+35.1% yoy) on the back of 53% revenue growth to RMB322.7m. This was mainly due to full year sales of ammonium nitrate by its newly acquired subsidiary, Hebei Yinguang, which accounted for about RMB75.3m in revenue. However, this segment also dragged the group's GPM lower to 35.3% vs 38% last year.
With improved operating cash flow, Fabchem also declares a dividend payout of S$0.005 per share. The stock trades at about 7x FY10 P/E
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