Toronto-Hanfeng Evergreen Inc. reported a 146 percent increase in net earnings for the year ending Dec. 31, 2007. Net earnings were C$19.4 million ($.34 per diluted share) on sales of $141.3 million for 2007, up from 2006’s $7.9 million ($.15 per share) and $59.8 million, respectively. “This was a year of great achievement for Hanfeng,” said Xindou Yu, Hanfeng CEO and president. “In every facet of our business, we met or exceeded our goals. Our design capacity grew by 86 percent, production by 130 percent and our sales by 136 percent, while profitability doubled. More importantly, we saw demand continue to increase as we sold virtually everything we produced in 2007, even in the wake of price increases.” Fourth-quarter net income was $6.8 million ($.11 per share) on sales of $54.6 million, compared to the year-ago $3.5 million ($.07 per share) and $24.3 million, respectively.
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