China Green Material Technologies (CAGM.OB) Posts Solid Q3 Earnings Leveraged by Increased Demand and Market Expansion
China Green Material Technologies Inc., a China-based manufacturer of starch-based biodegradable containers, today posted its financial results for the third quarter ended September 30, 2010. The company reported a third-quarter revenue increase of 43.6 percent to $6.0 million, compared to $4.2 million reported in the third quarter of 2009. The company attributes the increase to strong reorders from existing customers; the company also retained six new customers, with orders from those relationships, reflecting the company’s expansion into the supermarket sector. Su Zhonghao, CEO of China Green Materials, said rising demand for its current products paired with the introduction of new…