Mike Wagner - Perpetual beta

NEW YORK, April 17 /PRNewswire-FirstCall/ -- China Natural Gas, Inc. (OTC Bulletin Board: CHNG - News ), one of the leading providers of pipeline natural gas for industrial, commercial and residential use and compressed natural gas (CNG) for vehicular fuel in Xi'an, China, today announced its fourth quarter and full year financial results for the fiscal year ended December 31, 2006. Financial Highlights for the Fourth Quarter 2006: -- Revenue increased 218% to $6.8 million, driven by the construction of an additional 14 CNG filling stations in the Xian area in 2006 and continued growth of pipeline customers; -- Gross profit up 189% to $3.3 million; -- Income from operations increased 286% to $2.3 million; -- Net income increased 271% to $2.1 million; and -- Net income per diluted share increased 304% to $0.08 per share. "We are very pleased with our performance through the fourth quarter of 2006, which exceeded our expectations by all measur...

Based in the city of Xian in China ’s north-central province of Shaanxi , China Natural Gas distributes natural gas (to approximately 50,000 households, as well as commercial buildings) and compressed natural gas (CNG) (to CNG wholesales and retail automobile filling stations). Recently CHNG has introduced its own network of retail filling stations to sell CNG directly to consumers—by the end of 2006, CHNG operated 17 filling stations in or near Xian. The company also owns a 70-mile high pressure gas pipeline, which connects CHNG’s distribution network to the government-owned high-pressure pipeline serving the province. In 2007, CHNG plans to construct its own liquid natural gas plant, which will allow the company to expand the geographic market it serves. CHNG came public in the US via a reverse merger in December 2005. Although CNG currently represents only about three percent of China ’s energy consumption, it is becoming an increasingly important source of fuel in the PRC. CNG...