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
SOURCE NF Energy Saving Corporation