Gulf Resources Provides Guidance for the 4th Quarter 2021
December 03 2021 - 8:30AM
Gulf Resources, Inc. (Nasdaq:GURE) ("Gulf Resources" or the
"Company"), a leading manufacturer of bromine, crude salt and
specialty chemical products in China, today provided investors with
earnings guidance for the 4th quarter 2021.
Based on the best assessments at the time, the Company expects
its fourth quarter operating revenue of between $18.0 million
and $19.0 million. The Company’s fourth quarter net income is
expected of between $9.5 million and $10.0 million.
These estimates do not include possible interruption from any
winter closing required by the government, because to date, we have
not received any notifications. They also do not include
unexpected nonrecurring and non-operational factors, any
impairments and write-offs which our auditors may recommend. For
example, there might be write-down or write-off of the costs of our
old chemical factories or some wells and aqueducts we will no
longer use.
“We are very pleased with the direction of our current
operations,” stated Mr. Liu Xiaobin, the CEO of Gulf
Resources. “We expect to see an improvement in operating revenues
and net income in this quarter and for this fiscal year,” Mr. Liu
continued.
“The company will report back to investors if or when we learn
about potential winter closings,” Mr. Liu concluded.
About Gulf Resources, Inc.Gulf Resources, Inc. operates through
three wholly-owned subsidiaries, Shouguang City Haoyuan Chemical
Company Limited ("SCHC"), ShouguangYuxin Chemical Industry Co.,
Limited ("SYCI"), and Daying County Haoyuan Chemical Company
Limited (“DCHC”). The Company believes that it is one of the
largest producers of bromine in China. Elemental Bromine is used to
manufacture a wide variety of compounds utilized in industry and
agriculture. Through SYCI, the Company manufactures chemical
products utilized in a variety of applications, including oil and
gas field explorations and papermaking chemical agents, and
materials for human and animal antibiotics. DCHC was established to
further explore and develop natural gas and brine resources
(including bromine and crude salt) in China. For more information,
visit http://www.gulfresourcesinc.com.
Forward-Looking Statements
Certain statements in this news release contain forward-looking
information about Gulf Resources and its subsidiaries business and
products within the meaning of Rule 175 under the Securities Act of
1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and
are subject to the safe harbor created by those rules. The actual
results may differ materially depending on a number of risk factors
including, but not limited to, the general economic and business
conditions in the PRC, the risks associated with the ongoing impact
of COVID-19 pandemic, uncertainties associated with the winter
closings, obtaining governmental approvals, future product
development and production capabilities, shipments to end
customers, market acceptance of new and existing products,
additional competition from existing and new competitors for
bromine and other oilfield and power production chemicals, changes
in technology, the ability to make future bromine asset purchases,
and various other factors beyond its control. All forward-looking
statements are expressly qualified in their entirety by this
Cautionary Statement and the risks factors detailed in the
Company's reports filed with the Securities and Exchange
Commission. Gulf Resources undertakes no duty to revise or update
any forward-looking statements to reflect events or circumstances
after the date of this release.
Web: |
http://www.gulfresourcesinc.com |
|
Director of Investor
Relations |
|
Helen Xu (Haiyan Xu) |
|
beishengrong@vip.163.com |
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