SHENYANG, China, Nov. 14, 2017 /PRNewswire/ -- NF Energy Saving
Corporation. (NASDAQ: NFEC) ("NF Energy" or the "Company"), a
leading energy saving services and solutions provider for
China's power, petrochemical,
coal, metallurgy, construction, and municipal infrastructure
development industries, today reported its financial results for
the three and six months ended September 30,
2017.
2017 Third Quarter Results Highlight
- Total revenues were $1,141,920
and $3,855,365 for the three and nine
months ended September 30, 2017,
respectively, as compared to $1,400,352 and $3,644,766 for the corresponding period in 2016.
Total revenues decreased by $258,432
and increased by $210,599, or 18.45%
and 5.78% for the three and nine months ended September 30, 2017, respectively, as compared to
total revenues for the three and nine months ended September 30, 2016.
- Gross profit for the Company was $41,949 and 461,561 (3.67% and 11.97% margin) for
the three and nine months ended September
30, 2017, respectively, as compared to -$142,664 and -$233,171 (-10.18% and -6.39% margin) for the
corresponding period in 2016, respectively, an increase of
$184,613 and $694,732, or 129.40% and 297.95% as compared to
the corresponding period in 2016.
- The net loss was $426,915 and
$1,112,487 for the three and nine
months ended September 30, 2017 respectively, as compared to
net loss of $381,632 and $1,201,318 for the corresponding period in 2016,
an increase of $45,283 as compared to
the 3-month period and a decrease of $88,831 as compared to the nine-month
period.
Speaking on behalf of the Company, Mr. Gang Li, Chairman and
CEO, said "The increase in both total revenues and gross profit in
third quarter 2017 were mainly due to the increase in our orders
this year, especially our service revenues, which significantly
increased as compared with the corresponding period in
2016. However, the net loss is
still being an important issue in
the third quarter due to a significant increase in our general and
administrative expenses, for example, the plant was transferred to
the fixed assets which led to an increase in the property taxes. On
the other hand, delays in the collection of accounts receivable
prevented us to realize the revenues in a timely manner, therefore, a special department relating
to the accounts receivable was set up to deal with it in order to enhance the collection of the
accounts receivable.
As of the first three quarters this year, the Company actively
expanded the overseas market upon the "one belt and one road"
policy, some projects with high gross profit and high quality are
processing.
About NF Energy Saving Corporation
NF Energy Saving Corporation (NASDAQ: NFEC) is a China-based provider of integrated energy
conservation solutions utilizing energy-saving equipment, technical
services and energy management re-engineering project operations to
provide energy saving services to clients. The Company's customers
are mainly concentrated in the electrical generation (large-scale
thermal power generation, hydroelectric power, and nuclear power),
water supply, and heat supply industries. The majority of revenues
are from energy efficient flow control solutions including
equipment and energy efficiency project services. For more
information, visit http://www.nfenergy.com
Safe Harbor Statement
The statements contained herein that are not historical facts
are considered "forward-looking statements." Such forward-looking
statements may be identified by, among other things, the use of
forward-looking terminology such as "believes," "expects," "may,"
"will," "should," or "anticipates" or the negative thereof or other
variations thereon or comparable terminology, or by discussions of
strategy that involve risks and uncertainties. In particular,
statements regarding the efficacy of investment in research and
development are examples of such forward-looking statements. The
forward-looking statements include risks and uncertainties,
including, but not limited to, the effect of political, economic,
and market conditions and geopolitical events; legislative and
regulatory changes that affect our business; the availability of
funds and working capital; the actions and initiatives of current
and potential competitors; investor sentiment; and our reputation.
We do not undertake any responsibility to publicly release any
revisions to these forward-looking statements to take into account
events or circumstances that occur after the date of this report.
Additionally, we do not undertake any responsibility to update you
on the occurrence of any unanticipated events, which may cause
actual results to differ from those expressed or implied by any
forward-looking statements. The factors discussed herein are
expressed from time to time in our filings with the Securities and
Exchange Commission available at http://www.sec.gov.
Contact Person: Andy Gao
Phone Number: +86-24-25609775
Email: info@nfenergy.com
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SOURCE NF Energy Saving Corporation