|Over a quarter ago|
Gulf Resources says production has ramped up at bromine facilities » 08:3803/1803/18/21
Gulf Resources provides…
Gulf Resources provides updates on its business operation. On November 30, 2020, Gulf Resources announced that the government of Shouguang City, ordered that all bromine facilities be temporarily closed from December 25, 2020 until February 19, 2021. The Company believed the seasonal closure ordered by the government was part of governmental action plan to curb air pollution in the winter and improve the comprehensive development efficiency of brine resources. On February 19, 2021, as planned, the company reopened its four operating bromine and crude salt factories. After the reopening, it took three to four days for the Company to test the equipment and begin production. Since then, production has ramped up. It is currently at a level similar to its level in middle to late December 2020. At the time of the temporary closure, bromine was sold at RMB33,332 per tonnes. The current bromine selling price is approximately RMB34,500 per tonnes, up approximately 3.5% since December 2020. While crude salt production during winter months can be impacted by seasonally cold weather, the current bromine selling prices are almost double their low of RMB16,800 in October 2014 and relatively close to their all-time high of RMB34,970 in May 2019.
Gulf Resources to temporarily close Shouguang City bromine facilities » 08:3811/3011/30/20
Gulf Resources provided…
Gulf Resources provided operational guidance for fourth quarter 2020 and announced that it has received a notification from the government of Shouguang City, pursuant to which all bromine facilities in Shouguang City will be temporarily closed from December 25, 2020 until February 19, 2021 8:00 AM China Time. Such notification was issued on November 24, 2020, while Company received it on November 26th, 2020. To comply with such notification, the Company expects to temporarily stop production at its bromine facilities during the aforesaid period. The company said, "We believe this seasonal closure ordered by the government is part of governmental action plan to curb air pollution which is worse in the winter, and improve the comprehensive development efficiency of brine resources. The Company does not anticipate the closure will significantly impact the Company's business. Winter is normally a slow period for bromine production. Winter is also a slow period for crude salt which cannot be processed during the coldest months. Further, in 2020, when Chinese New Year was earlier, the seasonal closure went from December 16, 2019 to February 10, 2020, there is the same number of closure days ordered by these two government notifications. This company does not expect the closure will have a material impact on the 4th quarter 2020. The Company still believes it may reach break-even closely at net income approximately between $0.5 Million to $1.0 Million with revenue approximately between $8.0 Million to $9.0 Million for the fourth quarter, 2020 without considering non-operational factors which may arise for the quarter. The company also does not believe this closure will have a significant impact on 2021 results. The company's business is always closed for Chinese New Year holidays, which this year begins on February 12, 2021. Once the closure is ended, we intend to resume production. Since Shouguang City is the one of the largest bromine producing regions in China and since all factories in Shouguang City will be closed, we do not expect to lose business for 2021."
Gulf Resources expects sales of bromine to increase 60%-65% over Q2 » 08:4609/2909/29/20
Gulf Resources provides…
Gulf Resources provides update on 3rd and 4th Quarter Bromine and Crude Salt Sales and Profits. Gulf Resources has continued to ramp up production of bromine and crude salt in the third quarter. The company said, :"We currently estimate sales of bromine in terms of tonne will increase 60-65% over that of the second quarter. Each of the months has shown an increase, with the greatest increase occurring in September 2020. At the present time, bromine is priced at approximately $4,441 per metric tonne, compared to $3,672 per metric tonne at the end of the second quarter, representing an increase of 20.9%. Crude salt sales are expected to increase about 45% in the third quarter. Sales in the third quarter are estimated to be between 75,000 and 80,000 metric tonnes, compared to 53,532 in the second quarter. While the company does not make projections, based on the expected sales level and current pricing, these businesses should operate at break-even closely. The company is very pleased with the continuing progress being made in its bromine and crude salt facilities. The company expects that October 2020 will also be a good month in terms of bromine sales. November sales also expected to be strong, although it may be lower than October. December is likely to be seasonally weaker as customers reduce purchases of raw materials in advance of the Chinese New Year. As a reference, in 2015 and 2016, the third quarter contributed approximately 29.3% of bromine tonnes sold compared to 18.5% in the fourth quarter. In these two years, bromine sales in tonnes were approximately 58.6% higher in the third quarter than in the fourth quarter. In addition, crude salt production can be negatively impacted by cold weather. There is no way to predict the weather in December. In 2016, when the weather was mild, we sold more tonnes of crude salt than in any other quarter of the year. However, at this point in time, it is impossible to predict the weather for November and December. Given our assumptions that weather could impact crude salt sales and that customers are likely to reduce bromine purchases prior to the Chinese New Year, the company still believes it may operate are break-even closely. The company plans to report 2020 third quarter results around mid-November, 2020."
Seven new option listings and eight option delistings on July 20th » 08:3007/2007/20/20
ALTG, FUV, KC, NFE, SOS, TIGR, CRC, EYES, GURE, JRJC, POWL, SRRA, XRF
New option listings for…
New option listings for July 20th include Alta Equipment Group Inc (ALTG), California Resources Corporation (CRCQQ), Arcimoto Inc (FUV), Kingsoft Cloud Holdings Ltd (ADS) (KC), New Fortress Energy LLC (Class A Stock) (NFE), SOS Limited (Class A ADS) (SOS), and UP Fintech Holding Ltd (Class A ADR) (TIGR). Option delistings effective July 20th include California Resources Corporation New (CRC), Second Sight (EYES), Gulf Resources (GURE), China Finance Online (JRJC), LSC Communications Inc (LKSDQ), Powell (POWL), Sierra Oncology (SRRA), and China Rapid Finance Limited (Class A ADS) (XRF).