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01
Dec
2010

Earnings report to offer glimpse behind curtain for SinoTech Energy Limited (CTE)

I’ve been watching SinoTech Energy Limited (NASDAQ:CTE) with interest since it’s ill-fated IPO on Nov. 4, 2010. It seems the company is the latest to fall victim to poorly-timed IPOs for ADRs of Chinese companies. The Beijing-based provider of patented “enhanced oil recovery” processes will report earnings tomorrow morning before the market opens. We’ll get a chance to see if the stock’s 24 percent plunge in value since its IPO has been justified.

Analysts, it seems, worry that the company faces a “glass ceiling” on growth as it competes with larger state-run companies that have friends in high places. Still, if this earnings report does show a surprising spike in growth, it should give investors some hope that SinoTech is the real deal.

The company reported $16.3 million in earnings before interest, tax and adjustments in the nine months ended June 30. All told, SinoTech booked $38 million in sales but posted a loss of $6.3 million during that period, according to the Associated Press. Net income would do wonders for this stock’s price. Guess we’ll just have to wait a few hours before deciding whether or not to pull the trigger.

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