Gulf Resources, Inc. (GURE) has reported 24.87 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $8.08 million, or $0.17 a share in the quarter, compared with $6.47 million, or $0.14 a share for the same period last year. Revenue during the quarter dropped 4.95 percent to $32.79 million from $34.50 million in the previous year period. Gross margin for the quarter expanded 758 basis points over the previous year period to 38.35 percent. Total expenses were 67.02 percent of quarterly revenues, down from 74.88 percent for the same period last year. This has led to an improvement of 785 basis points in operating margin to 32.98 percent.
Operating income for the quarter was $10.81 million, compared with $8.67 million in the previous year period.
Mr. Liu Xiaobin, the president and chief executive officer of Gulf Resources stated, "We are extremely proud of our much improved margins, cost controls, and profitability during the seasonably slow first quarter. We believe we will continue to produce strong results during the remainder for 2017."
Operating cash flow drops significantlyGulf Resources, Inc. has generated cash of $8.42 million from operating activities during the quarter, down 41.40 percent or $ 5.95 million, when compared with the last year period. Cash flow from investing activities was almost stable for the quarter at $0.38 million, when compared with the previous year period.
Cash and cash equivalents stood at $172.80 million as on Mar. 31, 2017, up 16.44 percent or $24.39 million from $148.41 million on Mar. 31, 2016.
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