Ossen Innovation H1 Profit Rises; Revenues Down 7.1% - Quick Facts

(RTTNews) - Ossen Innovation Co., Ltd. (OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, said the company's net income rose 18.7% year-on-year for the six months ended June 30, 2019 as it focused on higher margin products during the period. Top line decreased slightly due to the low Chinese GDP growth rate.

For the first-half, earnings per ADS were $0.87, compared to $0.72, last year. Revenues were down 7.1%, to $65.1 million from $70.0 million, prior year.

Liang Tang, Chairman of Ossen Innovation, said: "The successful IPO on the Hong Kong Stock Exchange of Pujiang International Group, a Cayman Islands company that indirectly owns 65.9% of the company's issued and outstanding ordinary shares, has provided an additional resource of capital for us and is expected to enable us to capture additional opportunities to win new infrastructure projects."