HONG KONG, April 26, 2017 /PRNewswire/ -- Euro Tech Holdings
Company Limited (Nasdaq: CLWT) today reported financial results for
the 12-month period ended December 31,
2016 ("Fiscal 2016").
The Company's revenues for Fiscal 2016 were approximately
$22,478,000, an approximate 22.8%
increase compared to approximately $18,302,000 in the Company's fiscal year ended
December 31, 2015 ("Fiscal
2015").
The Company had net profit of approximately US$231,000 in Fiscal 2016 as compared to net loss
of approximately US$616,000 in Fiscal
2015. This was primarily due to increase in revenue, decrease in
selling and administrative expenses and increase in profit
contribution from affiliates.
Mr. T.C. Leung, Chairman and CEO
of the company commented, "Air pollution control business from our
affiliates made great contribution for the Company in Fiscal 2016,
and hope our Ballast Water Treatment Systems ("BWTS") business will
make the same in future as Ballast Water Management Convention
("BWMC") will enter into force in September this year."
About BWTS
BWTS are an imminent requirement by The International Maritime
Organization ("IMO") to prevent the biological unbalance caused by
the estimated 12 billion tons of ballast water transported across
the seas by ocean-going vessels when their ballast water tanks are
emptied or refilled. In 2012, ballast water discharge standard
became a law in the US. Any vessel constructed in December 2013 or later will need to comply when
entering US waters, and existing vessels will follow shortly after.
IMO requires that the BWMC will enter into force on September 8, 2017 after ratification by 52
States, representing 35.1441% of world merchant shipping tonnage.
The market potential for retrofits and new installations of BWTS in
these old and new ocean-going vessels is enormous.
The company obtained type approval certificate from China's Classification Society for its 200,
300, 500, 750, 1200 and 1250 Cubic Meters per hour BWTS in
May 2016. Alternate Management
Systems ('AMS") acceptance for its full range BWTS was obtained in
October 2016.
About AMS
AMS acceptance by the U.S. Coast Guard is a temporary
designation given to BWTS approved by a foreign administration. It
enables BWTS to be used on vessels for a period of up to 5 years,
while the treatment system undergoes approval testing to U.S. Coast
Guard standards.
Certain statements in this news release regarding the Company's
expectations, estimates, present view of circumstances or events,
and statements containing words such as estimates, anticipates,
intends, or expects, or words of similar import, constitute forward
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements indicate uncertainty
and the Company can give no assurance with regard to actual
outcomes. Specific risk factors may include, without limitation,
having the Company's offices and operations situated in
Hong Kong and China, doing business in China, competing with Chinese manufactured
products, competing with the Company's own suppliers, dependence on
vendors, and lack of long term written agreements with suppliers
and customers, development of new products, entering new markets,
possible downturns in business conditions, increased competition,
loss of significant customers, availability of qualified personnel,
negotiating definitive agreements, new marketing efforts and the
timely development of resources. See the "Risk Factor" discussions
in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 20-F for its fiscal
year ended December 31, 2016.
CONDENSED
STATEMENTS OF OPERATIONS
(Dollar amounts in
US$ thousands, except share and per share data)
|
|
Year Ended
December 31,
|
|
2016
|
2015
|
Revenues
|
$
22,478
|
$
18,302
|
|
|
|
Net Profit/(Loss)
attributable to the Company
|
231
|
(616)
|
|
|
|
Net Income/(Loss) Per
Share – Basic
|
0.11
|
(0.30)
|
|
|
|
Weighted Average
Number of
Ordinary Shares Outstanding –Basic
|
2,061,909
|
2,063,738
|
SELECTED BALANCE
SHEET DATA
|
|
As of December
31,
|
|
2016
|
2015
|
Cash and Cash
Equivalents
|
$
3,751
|
$
2,480
|
Total Current
Assets
|
9,587
|
8,512
|
Total
Assets
|
23,104
|
21,270
|
Total Current
Liabilities
|
6,486
|
4,814
|
Total
Liabilities
|
6,486
|
4,814
|
Total Euro Tech
Shareholders' Equity
|
15,435
|
15,146
|
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SOURCE Euro Tech Holdings Company Limited