SHENYANG, China, March 31, 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 financial results for the fiscal year ended December 31, 2016.
2016 Annual Results Highlight:
- Total revenues were $6,041,261 and $6,714,869 for the years ended December 31, 2016 and 2015, respectively, which decreased by $673,608, or 10.03%, for the year ended December 31, 2016 compared to total revenues for the year ended December 31, 2015.
- The gross profit was 148,769 and $1,177,490 for the years ended December 31, 2016 and 2015, respectively, which decreased by $1,028,721, or 87.3%, for the year ended December 31, 2016 compared to gross profit for the year ended December 31, 2015.
- The net loss was $1,817,579 and $969,442 for the year ended December 31, 2016 and 2015, respectively, which increased by $848,137, or 87.5%, for the year ended December 31, 2016 compared to net loss for the year ended December 31, 2015.
Mr. Gang Li, Chairman and CEO of the Company, said, "2016 was a difficult period of recovery for the global economy. The Chinese domestic economy's downward pressure continued to increase and the downward trend was not reversed which led to a weak demand of investment in fixed assets as well as the lower requirement of valve products. Compared with last year, our revenues decreased and the net loss increased.
With regards to these multiple difficulties, the Company will actively take some measures. In 2017, in order to complete the Company's business development goals, we plan to adhere to the following measures:
Firstly, the Company will continue the valve design, manufacture and sales for its main business, improve the scientific and sustainable technology research and development system, consolidate the dominant position of water conservancy, electric power industry, from a single production sales model to the overall project contracting and engineering general contracting development model transformation, increase the size of the business, increase sales income; take advantage of both the domestic and international markets, and set up the construction of global marketing network system and business layout. At the same time, actively explore new industries by expanding new business platforms, increase the Company's new growth point from the existing business structure toward diversified development so as to become a company with a strong competitive advantage.
On the other hand, the orders related to the oversea markets has increased and the Company set up a new company named by "Nengfa Tiefa I&E Co., Ltd" in order to expand our oversea market based on "one belt one way" development strategy of the Chinese government. As a result, we believe that overseas markets will play a key role in our business in 2017."
Lastly, Gang Li, the Chairman and CEO of the Company said, "I have more confidence for the development of the Company in 2017, which is expected to lead to greater shareholder satisfaction."
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