WSP losses widen as exports, prices fall
Dec 31, 2012 | 02:12 PM
| Michael Cowden
Tags
WSP Holdings,
third-quarter results,
Longhua Piao,
steel,
Michael Cowden
PITTSBURGH — WSP Holdings Ltd.’s losses widened in the third quarter as lower export sales and decreased average selling prices walloped the firm’s bottom line.
The Wuxi, China-based energy tubulars producer posted a third-quarter net loss of nearly $22.75 million, a 37.3-percent jump from a $16.56-million loss in the same period a year earlier, on revenue that fell 25.2 percent to $141.28 million. For the nine months ended Sept. 30, WSP’s net loss increased 11.1 percent to $55.05....
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