China Natural Gas Inc. (CHNG, Financial) filed Amended Quarterly Report for the period ended 2010-03-31.
China Natural Gas Inc. has a market cap of $41.42 million; its shares were traded at around $1.93 with a P/E ratio of 2.57 and P/S ratio of 0.46. China Natural Gas Inc. had an annual average earning growth of 15.5% over the past 5 years.
Natural Gas from Fueling Stations . Natural gas revenue from our fueling stations increased by 2.6% or $371,685, to $14,629,610 during the three months ended March 31, 2010, from $14,257,925 during the three months ended March 31, 2009, and contributed to 75.5% of our total revenue, which was the largest among our four major business lines. During the three months ended March 31, 2010, we sold 40,592,457 cubic meters of compressed natural gas, compared to 39,294,120 cubic meters during the three months ended March 31, 2009 through our fueling stations. In terms of average station sales value and volume, in the three months ended March 31, 2010, we sold approximately $406,378 and 1,127,568 cubic meters of compressed natural gas per station, compared to approximately $407,916 and 1,122,689 cubic meters in the three months ended March 31, 2009. Unit selling price remained stable at $0.34 (RMB2.34) and $0.42 (RMB2.83) net of VAT in Shaanxi and Henan province, respectively, or $0.37 (RMB 2.5) on an average basis.
Gasoline . Revenue from gasoline sales increased by 25.1 %, or $294,418, to $1,468,816 during the three months ended March 31, 2010, from $1,174,398 during the three months ended March 31, 2009, and contributed 7.6% to our total revenue. The gasoline revenue increase was due to 41.9% increase of unit sales price from $ 0.54 (RMB3.69) per liter in the three months ended March 31, 2009 to $0.77 (RMB 5.23) per liter in the three months ended March 31, 2010, mainly attributable to the increase of international oil price, partially offset by the sales volume decrease of 11.9% from 2,171,232 liters to 1,929,034 liters.
Installation Services . Revenue from installation services increased by 5.6%, or $106,740 to $ 2,007,774 during the three months ended March 31, 2010, from $1,901,034 during the three months ended March 31, 2009, and contributed 10.4% to our total revenue. Installation services to our top four customers contributed to 28.1%, 26.3%, 19.2% and 17.8% of our installation revenue for the three months ended March 31, 2010.
Natural Gas from Fueling Stations . Cost of revenue of our natural gas for our fueling stations increased by 16.5%, or $1,027,695, to $7,272,136 during the three months ended March 31, 2010, as compared to $6,244,441 for the three months ended March 31, 2009. Procurement price for natural gas remained stable at $0.16 (RMB 1.12) in Shaanxi since 2008. In Henan Province, the Company also uses coal bed methane (‘CBM ) as an alternative in addition to natural gas to supply its fueling station, as a result the average cost of fueling station revenue in Henan decreased from $0.22 (RMB 1.55) to $0.14 (RMB 1.0) in July 2008. But due to the uncertainty involved in the production capacity of CBM as a byproduct of coal mines as well as increasing demand, average cost of fueling station revenue in Henan increased to $0.19 (RMB 1.30) in June 2009 and $0.22 (RMB 1.49) in January 2010. The cost, however, is still significantly below the retail price at $0.42 (RMB2.83) in Henan Province.
Read the The complete Report
China Natural Gas Inc. has a market cap of $41.42 million; its shares were traded at around $1.93 with a P/E ratio of 2.57 and P/S ratio of 0.46. China Natural Gas Inc. had an annual average earning growth of 15.5% over the past 5 years.
Highlight of Business Operations:
Overall . Total revenue for the three months ended March 31, 2010 increased to $19,366,823 from $18,527,666 for the three months ended March 31, 2009, an increase of $839,157 or 4.5 %. This increase was mainly due to the addition of 2 new fueling stations added in third quarter 2009 and first quarter 2010, respectively, as well as an increase in the number of residential and commercial pipeline customers to110,713 as of March 31, 2010 from 98,754 as of March 31, 2009. We sold natural gas of 44,161,281 cubic meters during the three months ended March 31, 2010, compared to 42,283,144 cubic meters during the three months ended March 31, 2009. We also sold gasoline of 1,929,034 liters during the three months ended March 31, 2010, compared to 2,171,232 liters during the three months ended March 31, 2009. For the three months ended March 31, 2010, 87.5% of our revenue was generated from the sale of natural gas and gasoline, and the other 12.5% was generated from our installation and auto conversion services.Natural Gas from Fueling Stations . Natural gas revenue from our fueling stations increased by 2.6% or $371,685, to $14,629,610 during the three months ended March 31, 2010, from $14,257,925 during the three months ended March 31, 2009, and contributed to 75.5% of our total revenue, which was the largest among our four major business lines. During the three months ended March 31, 2010, we sold 40,592,457 cubic meters of compressed natural gas, compared to 39,294,120 cubic meters during the three months ended March 31, 2009 through our fueling stations. In terms of average station sales value and volume, in the three months ended March 31, 2010, we sold approximately $406,378 and 1,127,568 cubic meters of compressed natural gas per station, compared to approximately $407,916 and 1,122,689 cubic meters in the three months ended March 31, 2009. Unit selling price remained stable at $0.34 (RMB2.34) and $0.42 (RMB2.83) net of VAT in Shaanxi and Henan province, respectively, or $0.37 (RMB 2.5) on an average basis.
Gasoline . Revenue from gasoline sales increased by 25.1 %, or $294,418, to $1,468,816 during the three months ended March 31, 2010, from $1,174,398 during the three months ended March 31, 2009, and contributed 7.6% to our total revenue. The gasoline revenue increase was due to 41.9% increase of unit sales price from $ 0.54 (RMB3.69) per liter in the three months ended March 31, 2009 to $0.77 (RMB 5.23) per liter in the three months ended March 31, 2010, mainly attributable to the increase of international oil price, partially offset by the sales volume decrease of 11.9% from 2,171,232 liters to 1,929,034 liters.
Installation Services . Revenue from installation services increased by 5.6%, or $106,740 to $ 2,007,774 during the three months ended March 31, 2010, from $1,901,034 during the three months ended March 31, 2009, and contributed 10.4% to our total revenue. Installation services to our top four customers contributed to 28.1%, 26.3%, 19.2% and 17.8% of our installation revenue for the three months ended March 31, 2010.
Natural Gas from Fueling Stations . Cost of revenue of our natural gas for our fueling stations increased by 16.5%, or $1,027,695, to $7,272,136 during the three months ended March 31, 2010, as compared to $6,244,441 for the three months ended March 31, 2009. Procurement price for natural gas remained stable at $0.16 (RMB 1.12) in Shaanxi since 2008. In Henan Province, the Company also uses coal bed methane (‘CBM ) as an alternative in addition to natural gas to supply its fueling station, as a result the average cost of fueling station revenue in Henan decreased from $0.22 (RMB 1.55) to $0.14 (RMB 1.0) in July 2008. But due to the uncertainty involved in the production capacity of CBM as a byproduct of coal mines as well as increasing demand, average cost of fueling station revenue in Henan increased to $0.19 (RMB 1.30) in June 2009 and $0.22 (RMB 1.49) in January 2010. The cost, however, is still significantly below the retail price at $0.42 (RMB2.83) in Henan Province.
Read the The complete Report
