(EMAILWIRE.COM, May 29, 2011 ) New York, NY -- Gushan Environmental Energy Ltd (ADR) (NYSE:GU) closed on Thursday at $3.44 with a fall of 18.29% and traded in the range of $3.20 to $3.95 during the day. It traded at more than 10 times its average volume of 33,007 at 460,420. Its Market cap is $28.70 million.

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On Thursday the Company announced its unaudited consolidated financial results for the first quarter of 2011.

The ratio for Company’s ADSs representing ordinary shares has changed from one ADS representing two ordinary shares, to one ADS representing ten ordinary shares, as of November 12, 2010. The Company presents all per ADS data and number of ADSs through this announcement considering as if the ratio change was effective as of the beginning of the earliest period presented.

For first quarter of 2011 the total revenues raised 241.7% year-to-year, while for quarter-on-quarter by 5.5% US$ 37.7 million (RMB246.9 million).

For the same period, the gross profit amounted to US$ 0.6 million (RMB3.8 million), as against a gross loss of RMB34.1 million for the first quarter of 2010 and a gross profit of RMB17.9 million for the fourth quarter of 2010.

The Company’s loss from operations amounted to US$2.2 million (RMB14.5 million), as against a loss from operations of RMB67.0 million for the first quarter of 2010 and an income from operations of RMB68.4 million for the fourth quarter of 2010.

Moreover net loss attributable to the Company amounted to US$2.7 million (RMB17.5 million), as against a net loss of RMB62.9 million for the first quarter of 2010 and a net profit of RMB61.4 million for the fourth quarter of 2010.

The sales volume of biodiesel for the first quarter of 2011 declined by 70.9% year-to-year and by 19.6% quarter-on-quarter to 4,532 tons.

Moreover average selling price of biodiesel increased 23.4% year-to-year and by 11.1% quarter-on-quarter to US$ 820.2 (RMB5,371) per ton.

The sales volume of recycled copper products declined by 2.3% quarter-on-quarter to 3,701 tons.

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