PITTSBURGH WSP Holdings Ltd.s losses widened in
the third quarter as lower export sales and decreased average
selling prices walloped the firms 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, WSPs net loss
increased 11.1 percent to $55.05 million from $49.55 million a
year earlier as revenue slid 15 percent to $429.95 million.
We will continue our marketing efforts to tap into new
international markets amid the current global economic
uncertainties, WSP chairman and chief executive officer
Longhua Piao said in a statement.
WSP is looking to find new customers in South America, the
Middle East, Central Asia and Africa, while in China it wants
to boost sales of higher-end products to customers in the
Xinjiang Autonomous region, Sichuan province and Shaanxi
WSP has suffered heavy losses following the imposition of U.S.
duties on imports of energy tubulars from China. The company
had said that it could restore its presence in the United
States by selling product made in Thailand and finished in
amm.com, June 15, 2011
), but in October WSP
announced plans to sell its U.S. OCTG business for $43 million
to Southern Tube LLC, an affiliate of Tokyos Nippon Steel
& Sumitomo Metal Corp (
amm.com, Oct. 2
WSP said in its earnings report that one of its subsidiaries
appeared unlikely to meet financial covenants at the end of
2012, and two other subsidiaries also were in breach of project