SHENYANG, China, May 15, 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 months ended March 31,
2017.
2017 First Quarter Results Highlight:
- Total revenues were $1,036,041
and $1,560,660 for the three month
ended March 31, 2017 and 2016,
respectively, which decreased by $524,619, or 33.61% if compared total revenues
for the three month ended March 31,
2016.
- The gross profit was $125,782 and
-$148,175 for the three month ended
March 31, 2017 and 2016,
respectively, which increased by $273,957, or 184%, if compared to gross profit
for the three month ended March 31,
2016.
- The net loss was $424,239 and
$543,148 for the three month ended
March 31, 2017 and 2016,
respectively, which decreased by $118,909 if compared to net loss for the three
month ended March 31, 2016.
Speaking on behalf of the Company, Mr. Gang Li, Chairman and
CEO, said "The decrease of the total revenues in first quarter 2017
were mainly due to the postponement in construction of the Client's
Project, which delayed the delivery of the Company's products.
According to the schedule discussed with our client, the delivery
should be completed in next following six months. Therefore, we
anticipate that these inventories will be accrued to product
revenue in following quarters."
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.
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are considered "forward-looking statements." Such forward-looking
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We do not undertake any responsibility to publicly release any
revisions to these forward-looking statements to take into account
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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.
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SOURCE NF Energy Saving Corporation