Yulong Eco-Materials Limited announced it expects to report that its first quarter of fiscal 2016, net income for the three months ended September 30, 2015 will increase by about 50% to approximately $3.5 million, compared to the $2.3 million in net income reported in the same quarter last year. The main reason for this anticipated improvement is the estimated $2 million in first quarter of fiscal 2016 revenue contributed by the company's waste hauling and recycling division, which commenced operations in the fourth quarter of fiscal 2015. The gross margin on this revenue is about 60%.

Yulong expects to report that its overall revenue grew by about 14% to over $13 million.