SHENYANG, China, March 30, 2018 /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, 2017.
2017 Annual Results Highlight:
- Total revenues were $8,508,173 and $6,041,261 for the years ended December 31, 2017 and 2016, respectively, an increase of $2,466,912, or 40.83%, for the year ended December 31, 2017 as compared to total revenues for the year ended December 31, 2016.
- The gross profit was $916,514 and $148,769 for the years ended December 31, 2017 and 2016, respectively, an increase of $767,745, or 516%, for the year ended December 31, 2017 as compared to gross profit for the year ended December 31, 2016.
- The net loss was $1,578,415 and $1,817,579 for the year ended December 31, 2017 and 2016, respectively, a decrease of $239,164, or 13.15%, for the year ended December 31, 2017 as compared to net loss for the year ended December 31, 2016.
Mr. Gang Li, Chairman and CEO of the Company, said "The total revenues and gross profit increased significantly when compared with 2016. However, at present, downward pressure on the Chinese domestic economy continues to increase, especially with the manufacturing industry still having great challenges. The Chinese government's working report in China's 'two sessions' this year explicitly stated how to improve the situation in the domestic manufacturing industry and released some positive policies, especially the government will reduce the manufacturing industry tax rate and greatly increase the scale of small and medium-sized enterprise that enjoy the 50% income tax policy, which will bring new opportunity for the enterprise development.
Therefore, the Company plans to adhere to the following development strategy and business plan in order to complete the Company's business development goals, except improve the collection of accounts receivable.
From perspective of the development strategy, not only will the Company continue the valve design, manufacture and sales for its main business, strive to improve the scientific and sustainable technology research and development system, but also actively explore new industries by expanding new business platforms, increase the Company's new growth point from the existing business structure toward diversified development. On the other hand, we will continue to take advantage of both the domestic and oversea markets and set up the construction of global marketing network system and business layout.
From perspective of the business plan, the Company will further strive to expand the scale of the valve industry and maintain its leading position in the domestic market based upon the competitive advantage in 2018, such as research and development, production, brand and market.
Lastly, Gang Li, the Chairman of CEO of the Company said, "As of the end of the first quarter this year, the Company had a good momentum of development, we have just released our new product contract with a total amount of more than $2.5 million. Therefore, we have reason to look forward to the development and growth in 2018."
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