China Armco’s 1st-qtr. sales fall 70.9%

May 20, 2013 | 11:31 AM | Sean Davidson

Tags  scrap, China Armco Metals, Kexuan Yao, quarterly earnings, Sean Davidson

NEW YORK — China Armco Metals Inc.’s revenue took a hit in the first quarter as metal ore trading declined dramatically, although the company managed to narrow its net loss compared with the same year-ago period.

The San Mateo, Calif.-based company posted a net loss of $1.09 million for the three months ended March 31, down 34.4 percent from a $1.67-million net loss logged in the same 2012 quarter, on revenue that fell 70.9 percent to $14.3 million from $49.3 million, the company said May 15.....

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