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Hanwei announces fiscal 2010 financial and operational results

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^{Published in Stocks and Investing on Tuesday, June 29th 2010 at 22:22 GMT by Market Wire}  

 Selected Audited Annual Consolidated Financial Information ------------------------------------------------------------------------- Fifteen Twelve months months ended ended (In thousands of Canadian dollars, except March 31, December 31, per share amounts) 2010 2008 ------------------------------------------------------------------------- Revenues 44,528 96,450 Operating (Loss) Income (41,258) 10,825 Net (Loss) Income (65,666) 7,437 Total Assets 135,037 211,269 (Loss) Income per share - basic (1.08) 0.12 (Loss) Income per share - diluted (1.08) 0.12 ------------------------------------------------------------------------- 

 Segmented Results - Revenues ------------------------------------------------------------------------- Fifteen Twelve months months ended ended March 31, December 31, In CDN$ 000's 2010 2008 ------------------------------------------------------------------------- $ $ ------------------------------------------------------------------------- FRP Pipe 33,105 46,627 ------------------------------------------------------------------------- Wind Power 9,848 46,604 ------------------------------------------------------------------------- FGD 1,575 3,218 ------------------------------------------------------------------------- Total 44,528 96,450 ------------------------------------------------------------------------- 

 ------------------------------------------------------------------------- As at As at March 31, Dec. 31, In CDN $000,000's 2010 2008 ------------------------------------------------------------------------- FRP pipe business 1.1 0.5 ------------------------------------------------------------------------- Wind power equipment business 27.0 - ------------------------------------------------------------------------- FGD business 0.3 - ------------------------------------------------------------------------- Total 28.3 0.5 ------------------------------------------------------------------------- 

 - impairment loss of $17.6 million for customer contracts and relationships in its wind power equipment business segment due to uncertainty in the customer's ability to execute the contract - a write-down of $4.8 million relating Hanwei Green's manufacturing facility and production equipment to their fair value because these assets were idle and the wind power equipment business was being restricted. - a write-down of $2.0 million due to obsolescence of production equipment at Harvest and certain construction assets at Hanwei Kazakhstan due to the cancellation of the construction project. 

 Date: Wednesday, June 30, 2010 Time: 10:30 a.m., Eastern Time Dial in number: 1-800-319-9003 or 1-719-325-2328 Taped Replay: 1-877-870-5176 or 1-858-384-5517 (available for 14 days) Taped Replay Pass Code: 3150345 Live Webcast Link: [ http://viavid.net/dce.aspx?sid=0000774E ]