| WSP Holdings posts 1st ever quarterly loss in 3Q |
| News - Financial News |
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--(www.FinancialNewsUSA.com)-- 11/25/2009 - Oil & Gas Pipelines industry news provided by Financial News USA. WSP Holdings Inc, (NYSE: WH) a Chinese manufacturer of oil and natural gas exploration and drilling products, posted a third-quarter loss -- its first -- on lower demand and prices due to the global recession. Shares plunged in afternoon trading. The company, based in Wuxi, China, said it lost $11.7 million, or 11 cents per American depository share, down from a profit of $29.8 million, or 29 cents per ADS, in the same quarter last year. Revenue for the quarter ended Sept. 30 was $90.2 million, down two-thirds from $282.4 million in the year-ago period. WSP Holdings said the results reflect significantly lower demand and reduced prices for its products "in light of the challenging environment in international and domestic markets." Sales to U.S. markets rose slightly following the opening of a new Houston inspection line in September, the company said. But sales to other international markets declined during the quarter. In addition, in response to recent trade disputes, many Chinese manufacturers of the pipe product known as oil country tubular goods sharply reduced shipments to the U.S. and increased domestic sales efforts, resulting in excess supply, WSP Holdings said. Due to lower drilling, sales volume declined about 51 percent, resulting in the first quarterly loss in WSP Holdings' operating history, the company said. Shares fell 95 cents, or 22 percent, to $3.42 in afternoon trading. About Financial News USA Financial News USA is a Next Generation Financial Communications firm focused on the distribution of market moving news. Financial News USA has developed leading edge e-publishing tools including programming proprietary RSS feeds and enabling open source press release publishing across its network. Financial News USA has been aggressively expanding its news distribution network by targeting direct feeds to financial news and data providers such as FinancialContent, Yahoo (NASDAQ: YHOO), among others. Financial News USA offers a free news feed available online (www.financialnewsusa.com) to websites and financial services looking for content and for individual investors looking to stay informed on the financial markets. Financial News USA and its affiliates charge each client cash for news distribution and may take an equity position in the companies mentioned herein, please visit the disclaimer at www.financialnewsusa.com. 
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