12:37 PM EST - Hanwei Energy Services Corp. : reported first-quarter net loss of $3.48 million or $0.06 per share, compared to net loss of $713,000 or $0.01 per share last year. Sales declined to $2.59 million from $5.94 million in the comparable period a year ago. Hanwei still expects revenue growth of between 40 and 60 per cent in 2009 compared to 2008. Earnings per share are expected to grow due to revenue growth, improved net margin, and Hanwei's acquisition of CNPC's nine-per-cent minority interest in Harvest, which operates Hanwei's FRP pipe business. Hanwei Energy Services Corp.
shares T.HE are trading down $0.07 at $1.73.
