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
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.
Andy Gao
Phone Number: +86-24-2560-9775
Email: info@nfenergy.com
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SOURCE NF Energy Saving Corporation
