The application of the Herrel Environmental Protection Industrial Co. Ltd. first public offering was 35.35 million shares, the total issued share capital was of 141.35 million shares, to raise funds for the Neijiang garbage incineration power generation project.
IPO draft declaration showed that for three consecutive years and the latest period from January to September 2011, the business income is respectively 22.6181 million yuan, 53.201 million yuan, 50.6585 million yuan and 35745900 yuan, the net profit is 19632700 yuan, 36741400 yuan, 38993600 yuan and 27.8303 million yuan, and the net profit rate is 87%, 69%, 77% and 78% respectively.
For such a high profitability, industry insiders said that Herrel business income is not high, but it can get high profit, which appears very abnormal.
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