Gulf Resources, Inc. (GURE: Quote) said Monday that it has not been able to meet its previously announced earnings forecast set forth in its 2012 financial guidance, due to the influence of the European debt crisis and the slowdown in the domestic economy.
In March, the company forecast full year 2012 net income of $16.8 million to $30.5 million.
As the market demand driven by the economy condition continues to fall, the bromine sales price experienced significant decline over the year, which adversely affected the company’s operating performance,Gulf Resources said in a statement.
Based on the current business outlook and the anticipated bromine price levels, the company forecasts revenue and net income of about $122.8 million and $18.7 million, respectively, for the full year 2013.
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by RTT Staff Writer
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