WSP Holdings Q1 Loss Widens

WSP Holdings To Be Taken Private For About $894 Mln.; Stock Up - Update

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6/26/2012 11:06 AM ET

WSP Holdings Ltd. (WH: Quote) Tuesday reported a wider loss for the first quarter on lower revenues as well as weak margins.

The Wuxi, China-based company's attributable net loss for the first quarter was $16.6 million or $0.81 per ADS, compared to $13.7 million or $0.67 per ADS last year.

Total revenues for the quarter dropped 1.3 percent to $129.5 million from $131.2 million in the prior-year quarter.

For the quarter, gross margin decreased to 2.1 percent from 9.1 percent in the year-ago quarter.

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