Ossen Innovation Co., Ltd. (Nasdaq: OSN), a China-based manufacturer of steel materials, announced today that its revenue for the first six months rose 52 percent compared with a year earlier.
For the six months ended June 30, 2018, revenues up by 34.6 percent to $70 million compared with $52.0 million a year ago.
Gross profit for the six months ended June 30 rose 109.4 percent to $10 million compared with $4.8 million a year ago.
Operating income was $6.7 million. And net income attributable to Ossen Innovation was $4.8 million, an increase of 291.7 percent for the same period of last year.
Shares of Ossen Innovation were trading at $2.37 at 12.30 a.m. New York time on Thursday, up 20.3 percent.
Dr. Liang Tang, Chairman of Ossen Innovation, said, "Our first half of 2018 results exceeded our expectations and provided a strong beginning to the year for Ossen," "During the six months period, we won a few more bridge projects in China that contributed to our sales results and positively impacted our growth, margins and profitability. As the Chinese government continues to reduce the overcapacity in steel industry and push forward on infrastructure projects around the country, we continue to increase our efforts to win multiple infrastructure projects and further solidify our position as a market leader,” he continued.