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
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: 0086-24-25609775
Email: info@nfenergy.com
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SOURCE NF Energy Saving Corporation