Gulf Resources Provides Guidance for 3rd Quarter and Full Year 2021
September 14 2021 - 8:30AM
Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources", "we", or the
"Company"), a leading manufacturer of bromine, crude salt and
specialty chemical products in China, today provides net revenue
and net income guidance for the 3rd Quarter and full year of 2021.
All estimates provided below are based on the current outlook
and all exclude unexpected nonrecurring and non-operational
factors.
In the 3rd Quarter 2021, the price of bromine has declined
slightly from the record levels of the second quarter but is still
near historic levels. Based on the production levels through the
first two months and one week of the quarter, the company currently
expects net revenues of between $16.2 and $16.7 million. This
compares to net revenues of $11.1 million in the 2nd quarter of
2021 and $10.5 million in the same quarter of 2020.
The company believes it will make a net income in the 3rd
quarter of between $4.0 and $4.7million. This compares to a net
loss of $2.9 million in the same quarter of 2020 and net loss of
$2.7 million in the 2nd quarter of 2021
While it is too soon to project the full year with certainty, at
the present time, we are expecting net revenues of between $46.0
and $46.7 million. In 2020, we had net revenues of $28.2
million.
In the first 6 months of 2021, we had net revenues of $16.4
million. Based on our estimates for the 3rd quarter, we are also
currently expecting a strong 4th quarter, despite the likelihood of
seasonal shutdowns. In 2020, we had net revenues of $10.5 million
in the third quarter and $11.8 million in the fourth quarter.
In addition, we are projecting a net income for the year 2021 of
between $4.0 and $4.6 million. In 2020, we had a net loss of $8.4
million. In the first 6 months of 2021, we had a net loss of $5.2
million. This means we currently expect strong profits in both the
3rd and 4th quarter 2021.
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 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.
CONTACT: Gulf Resources, Inc.
Web: |
http://www.gulfresourcesinc.com |
|
Director of Investor
Relations |
|
Helen Xu (Haiyan Xu) |
|
beishengrong@vip.163.com |
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