China Clean Energy, Inc. (CCGY.OB) Posts Record Q3 Results, Beating Previous Projections
China Clean Energy Inc. produces biodiesel fuel and specialty chemical products from renewable resources. The company today posted its financial results for the third quarter ended September 30, 2010, reporting figures that surpassed expectations. The company posted net revenue for the third quarter at $16.0 million, up 300 percent from the third quarter of 2009. The increase represents higher sales volume and higher average selling prices for its specialty chemicals and biodiesel product segments. Gross profit in the third quarter was $3.7 million, up 382 percent from the comparable quarter of 2009. The increase in gross profit was mostly driven…