China Armco Metals lands in black in 3d qtr.

Nov 16, 2012 | 02:47 PM | Sean Davidson

Tags  scrap, China Armco Metals, Kexuan Yao, iron ore, chromium ore, Sean Davidson

NEW YORK — China Armco Metals Inc. posted net income of $134,655 in the third quarter, in contrast to a $1.1-million net loss in the same period last year, despite a 4.6-percent decline in revenue to $15.36 million from $16.1 million.

The San Mateo, Calif.-based scrap metals recycler and distributor of imported metal ore said its gross profit more than doubled to nearly $1.92 million in the three months ended Sept. 30 from $810,196 a year earlier as scrap metal sales rose about 60 percent to $13.4 million from around $8.3 million. ....

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