Gushan Environmental Energy Limited (GU) announced that its third-quarter net loss amounted to RMB 79.1 million or US$11.6 million, compared to net income of RMB 74.7 million for the third quarter of 2008. Net loss per ADS for the quarter was RMB 0.948 or US$0.139, compared to net income of RMB 0.892 per ADS in the year ago quarter.
On a non-GAAP basis, net loss was RMB 72.5 million or US$10.6 million, compared to net income of RMB 86.1 million for the third quarter of 2008. Non-GAAP net loss per ADS of RMB 0.869 or US$0.127, compared to net income of RMB 1.028 per ADS in the year ago quarter.
Revenues for the quarter amounted to RMB 112.3 million or US$16.4 million, representing a decrease of 74.9% from RMB 448.0 million for the third quarter of 2008.
The company expects the remainder of 2009 to continue to be challenging for Gushan's business operations.
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