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UPDATE 1-Gulf Resources sees weak 2012 on lower prices
March 20, 2012 / 1:22 PM / 6 years ago

UPDATE 1-Gulf Resources sees weak 2012 on lower prices

* Sees FY net income $16.8 mln-$30.5 mln

* Sees FY rev $114.7 mln-$147.3 mln

March 20 (Reuters) - Chinese specialty chemicals maker Gulf Resources Inc expects to post weak 2012 results, hurt by lower selling prices for bromine due to weak demand.

The Shandong, China-based company now expects full-year profit between $16.8 million and $30.5 million on revenue between $114.7 million and $147.3 million.

Bromine prices are expected to be relatively stable in 2012 due to a continued economic slowdown in China, the company said in a statement.

The company’s bromine and crude salt segment - which makes chemicals used in medicines, water purification and disinfectants - made up 72.1 percent of its fourth-quarter sales.

Gulf Resources’ shares, which have shed about 63.2 percent value in the last one year, closed at $2.58 on Monday on the Nasdaq.

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