China Valves Technology Inc. has announced that its second-quarter net income has risen sharply, boosted by both acquisitions and increased demand from the Chinese government. The nation’s government is pushing aggressively for rapid industrialization and major infrastructure projects, China Valves said. Market approval of the company’s high temperature high pressure power station gate valves and two-way metal sealing butterfly valves also boosted sales. Net income rose to USD 14.9 million, or 41 cents per share, from USD 140,530, or a penny per share, last year. Excluding a one-time items related to a change in fair value of warrant liabilities, net income totaled 39 cents per share, compared to 25 cents per share last year. Revenue nearly doubled to USD 49.3 million from USD 24.9 million last year. That was mainly due to recent acquisitions of Yangzhou Rock Valve Lock Technology Co. Ltd, Able Delight Valve Co. Ltd and Shanghai Pudong Hanwei Valve Co. Ltd. The company said it had a backlog of about USD 87.9 million in orders at the end of July.
