In the first quarter of 2010 China Valves Technology Inc.’s profit more than doubled as it sold more of its large metal valves to power plants. The company, based in Kaifeng, China, said it earned USD 6.6 million, or 19 cents a share, in the three-month period ended 31 March. Adjusted to exclude non-cash items related to the change in fair value of derivatives and other items, income was USD 7 million, or 20 cents per share, matching the average forecast of analysts polled by Thomson Reuters. Revenue rose 55% to USD 26.8 million, missing the analyst forecast at USD 30 million. The company said it aims to expand beyond its primary markets, power plants and water supply systems, into the petroleum and nuclear sectors. The USD 21 million acquisition of Shanghai Pudong Hanwei Valve Co. closed in April and should help China Valves broaden its reach.
