(Marketwire) -- Guanwei Recycling Corp. China's leading clean tech manufacturer of recycled low density polyethylene (LDPE), reported substantial year over year advances in revenue and net income in its third quarter ended September 30, 2010, citing increases in sales volume and selling prices as the key factors in the gains achieved.
Revenues in the 2010 third quarter increased to a record $14,983 mln more than double the $7,446 mln in reported revenues in the same quarter last year. Net income in the 2010 third quarter also advanced strongly to $3,547,997, up approximately 66% from net income of $2,139,783 in the 2009 third quarter.
The Company said that in the third quarter of 2010, sales volume of manufactured recycled LDPE and sorted non-LDPE material grew to 12,684 tons from 7,901 tons in the same period last year. The Company also realized price increases for its manufactured LDPE and for the much smaller amount of sorted non-LDPE material it sold.
Guanwei Recycling Corp. is one of the few plastic recyclers certified in China that also is audited by TUV Rheinland Cert GmbH which permits highly economic production of the highest grades of LDPE.