WSP extends losing streak in 3d. qtr.
Dec 20, 2011 | 03:23 PM
| Michael Cowden
Tags
WSP,
Longhua Piao,
earnings,
OCTG,
OPEC,
Michael Cowden
TORONTO — WSP Holdings Ltd. continued to gush red ink in the third quarter as a boost in export sales was not enough to offset fierce competition within China.
But the Wuxi, China-based energy tubulars producer, which has finishing and inspection operations in Houston, said its losses had narrowed as higher export sales prices and increased export volumes helped offset troubles at home.
"We have experienced a gradual increase in our export sales . . . in 2011 due to our continued international marketing efforts," WSP chairman and chief executive officer Longhua Piao said in a statement accompanying the company’s earnings report. "In view of the intense competition we face in our domestic market, we will continue to focus on and build upon our successes in . . . new international markets." Those markets include South America, the....
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