Gulf Resources reports Q3 EPS (33c) vs. (17c) last year

Reports Q3 revenue $2.2M vs. $5.9M last year. Mr. Liu Xiaobin, CEO of Gulf Resources (GURE), stated, “We want investors to understand that we remain confident in China’s economic recovery, in our company’s return to profitability, and in the decisions that we are making to act in the best interests of our shareholders. Over the past year, we have postponed the final delivery of equipment for our chemical factory, because we did not see a short-term path to profitability. We believe some of the chemical companies in our niche in China are currently losing money. By postponing, we wanted to have the opportunity to see which segments of the industry would recover most quickly and what new opportunities, such as those for electrical strong or flow batteries, would emerge. When the timing is right, we will move ahead with the development of our chemical factory. We also decided to hold off on additional investments in our natural gas business. While we remain committed to this project, we are currently seeking the best strategy.”