WSP Holdings 2nd-quarter loss narrows
NEW YORK (AP) — WSP Holdings' second-quarter loss narrowed, thanks to reduced expenses and an income tax benefit.
The Chinese company, which makes seamless casing, tubing and drill pipes for the oil and natural gas sectors, reported Friday that it lost $15.7 million, or 77 cents per American depositary share, for the three months ended June 30. A year earlier it lost $19.2 million, or 94 cents per American depositary share.
WSP managed to lower its operating expenses and its selling and marketing expenses during the quarter. The period also included a $300,000 income tax benefit, compared with a $1.4 million income tax provision a year ago.
Revenue declined 14 percent to $159.2 million from $185.5 million, stung by lower domestic sales volume.
Gross margin improved to 4.8 percent from 3.6 percent, mostly because of increased average selling prices of American Petroleum Institute products.
Shares of lightly traded WSP Holdings Ltd. shed 2 cents to $1.55 in morning trading.