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May 13, 2009 - China XD Plastics Company Ltd. (''China XD Plastics'' or the
''Company''), (OTC
Bulletin Board: CXDC), as the largest Chinese manufacturer engaged in
the development, manufacturing, and distribution of modified plastics primarily
for use in automotive applications, today reported financial results for the
first quarter of 2009.
Revenues for the first quarter of 2009 were $26.4
million, up 154.2% compared to $10.4 million for the same period of 2008.
The increase in revenue is primarily attributable to the increase in sales
volume to 17,899 tons compared to 6,328 tons during first quarter of 2008 driven
by increasing domestic demand for modified plastics for automotive applications
and strengthened by the stimulus initiatives for automobile consumption
implemented by the government in China.
About China XD Plastics Company Ltd.
China XD Plastics Company Ltd., through its wholly owned subsidiary Harbin
Xinda Macromolecule Material (''Xinda''), develops, manufactures, and
distributes modified plastics, primarily for automotive applications. The
Company's specialized plastics are used in the exterior and interior trim and in
the functional components of more than 30 automobile brands manufactured in
China including Audi, Red Flag, Volkswagen and Mazda. The Company's wholly owned
research institute is dedicated to the research and development of modified
plastics and benefits from technology collaboration with well-known scientists
from leading Universities in China. At present, Xinda manufactures approximately
145 types of automobile-specific modified plastic products, 117 of which have
been certified for use by one or more of the automobile manufacturers in China.
Contact:
Web Site:
http://www.chinaxd.net.
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