SHENYANG, China, Nov. 14, 2014 /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 financial results for the third quarter ended September 30, 2014.
2014 Third Quarter Results Highlight:
- Total revenue for the third quarter grew 120.3% to $2.94 million from $1.33 million in the third quarter last year.
- Product revenue for the third quarter sharply grew 196.3% to $2.91 million from $0.98 million, as compared to the same period of last year.
- Gross profit for the third quarter of 2014 increased 109.9% to $886,034, as compared to $422,111 for the same period last year.
- Net income for the third quarter was $327,684, or $0.06 per fully diluted share, demonstrated a very positive business improvement from a net loss of $25,262, or -$0.005 per fully diluted share from the third quarter of 2013.
Mr.Gang Li, Chairman of the Company commented, "for the three months ended September 30, 2014, we were glad to see that both revenue and profit were significantly increased by 120% and 290% respectively as compared with the corresponding period of last year. This is mainly due to our patented product ( dual-way sealed curtains device) , which kept expanding. The two projects from North-West and Beijing are about to complete in the fourth quarter. Meanwhile, we anticipate that our environmental products will also be able to contribute profit in the next quarter. Thus, we believe our revenue and profit will increase with a higher growth rate in the fourth quarter and grow dramatically for the whole year as well. "
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
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SOURCE NF Energy Saving Corporation