LianDi Clean Technology Inc. distributes a wide range of clean technology along with customized valves and equipment to China’s petroleum and petrochemical industry. The company also provides associated value-added technical and engineering services.
The company today provided a business update. Total orders during the first nine months of fiscal year ending March 31, 2011 were $85 million, an increase of 86.4% from the same period last year. Equipment orders grew by 86.2% to $72.8 million in the first nine months of the current fiscal year. Order backlogs also rose sharply during this period. Equipment order backlogs were up 38.5% from last year to $$36 million, while overall order backlogs were up 53.8% to $40 million.
LianDi continues to benefit from the strong growth in spending by the large Chinese oil and gas and petrochemical companies. The improvement in the company’s performance during this period is also due to LianDi signing master distribution agreements with new and existing customers. The company’s customer base now includes notable global companies such as ABB, Metso and Rotork.
Based on preliminary results through December 31, 2010, LianDi is increasing its fiscal 2011 guidance. Revenues are now expected to be $130 million, an 11% increase from the previous estimate of $117 million. Net income is now expected to be $25 million, a 1.6% increase from the prior estimate of $24.6 million.
For further information on LianDi Clean Technology, visit its website at www.china-liandi.com
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