British Virgin Islands-registered company China Dredging Group Co., Ltd., which is one of the leading dredging contractors operating in China, announced selected financial and operational results for the three months period ended September 30, 2010. The company reported revenue in the amount of US$45.4 million, income from operations in the amount of US$23.5 million. BVI company’s net income in the reported period was US$17.3 million, and net cash provided by operating activities was US$24.9 million.
China Dredging Group had nine dredgers in operations throughout the third quarter of the year. As of September 30, 2010, company’s backlog was US$124.1 million.
Mr. Alfred Ho, CFO of China Dredging Group, commented on the quarter results: “We are pleased with the third quarter performance. We are well on our way to achieve our annual financial objectives for Financial Year 2010.”