UDPATE: Longwei Petroluem Shares Surge 11% to Near Year High on Production Volume, Sales Guidance

By MidnightTrader.com Staff,

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Shares of Longwei Petroleum ( LPH ) are up 11.1% to $2.31, just off their day high of $2.35, after the company announced that its Q1 product sales volume increased 17.8% year-over-year to 110,587 metric tons.

Fuel prices in the PRC increased in both August and September following three consecutive retail price cuts between May and June. The current retail price level for gasoline of RMB 9,640/mt is approximately the same price, the company said.

Longwei also announced that it expects year-over-year revenue growth of approximately 26.6% to $646.3 million, and net income growth of approximately 24.2% to $77.6 million, adjusted for the warrant derivative liability, for the fiscal year ending June 30, 2013.

LPH has traded in a day's range $2.10 - $2.35, and a 52-week range of $0.99 - $2.37.

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This article appears in: Investing Commodities
Referenced Stocks: LPH

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