SHENYANG, China, Aug. 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 June 30, 2017.
2016 Second Quarter Results Highlight
- Total revenues were $1,677,404 and $2,713,445 for the three and six months ended June 30, 2017, respectively, as compared to $683,754 and $2,244,414 for the corresponding period in 2016. Total revenues increased by $993,650 and $469,031, or 145.32% and 20.90%, for the three and six months ended June 30, 2017, respectively, as compared to total revenues for the three and six months ended June 30, 2016.
- The overall gross profit for the Company was $293,830 and 419,612 (17.51% and 15.46% margin) for the three and six months ended June 30, 2017, respectively, as compared to $57,668 and -$-90,507 (8.43% and -4.03% margin) for the corresponding three and six months in 2016, respectively, an increase of $236,162 and $510,119, or 409.52% and 563.62%, compared to the corresponding period in 2016.
- The net loss was $261,333 and $685,572 for the three and six months ended June 30, 201,7 respectively, as compared to net loss of $276,493 and $819,641 for the corresponding period in 2016, a decrease of $15,160 and $134,069, respectively.
Speaking on behalf of the Company, Mr. Gang Li, Chairman and CEO, said, "The increase in both total revenues and gross profit in second quarter 2017 were mainly due to the delivery of the products relating to the construction of the LXB Water Supply Project and 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 be an important issue in the second quarter due to a significant increase in our general and administrative expenses."
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
SOURCE NF Energy Saving Corporation