China Carbon Graphite Group, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported sales of $3,060,918, compared to sales of $10,061,210 for the three months ended March 31, 2012, a decrease of $7,000,292, or approximately 69.6%. The sales decrease was mainly attributable to a significant decline in the demand for its products during the three months ended March 31, 2013, which resulted from the struggle of steel companies.

Operating loss was $729,813 for the quarter, compared to operating income of $1,962,403 for the three months ended March 31, 2012, a decrease of approximately $2,692,216, or 137.2%. Net loss was $1,502,268, compared to net income of $253,117 for the three months ended March 31, 2012, a decrease of $1,755,385, or 693.5%. Net loss available to common shareholders was $1,506,805 or $0.06 per basic and diluted share compared with net income available to common shareholders of $248,099 or $0.01 per basic and diluted share a year ago.

Net cash used in operating activities was $15,210,594 compared with $8,089,943 a year ago. Acquisition of property, plant and equipment was $2,292 compared with $15,831 a year ago.