Special Power Engineering Contracts Ltd 1 Simple (But Important) Things To Remember About Special Power Engineering Contracts Ltd
HONG KONG, June 5, 2020 /PRNewswire/ — Euro Tech Holdings Aggregation Limited (Nasdaq: CLWT) today appear banking after-effects for the 12-month aeon concluded December 31, 2019 (“Fiscal 2019”).
The Company’s revenues for Budgetary 2019 were about US$17,399,000, an almost 13.5% abatement compared to about US$20,104,000 in the Company’s budgetary year concluded December 31, 2018 (“Fiscal 2018”). Revenues from trading and accomplishment activities, and engineering activities decreased by US$1,893,000 and US$812,000, respectively.
Gross profits added by 19.4% to about US$4,417,000 for Budgetary 2019 as compared to about US$3,699,000 for Budgetary 2018. The access was primarily due to the bead in affairs of low accumulation margin.
Selling and authoritative costs added by 2.1% to about US$4,853,000 for Budgetary 2019 as compared to about US$4,751,000 for Budgetary 2018 as a aftereffect of accepted inflation.
Operating accident decreased by 41.5% to about US$440,000 for Budgetary 2019 as compared to about US$1,059,000 for Budgetary 2018. This was primarily due to the access in gross profits.
The accumulation addition from the affiliates was about US$137,000 for Budgetary 2019, as compared to abrogating addition of about (US$932,000) for Budgetary 2018. The aftereffect for Budgetary 2018 included a accident addition from Zhejiang Tianlan Environmental Protection Technology Co. Ltd. (“Blue Sky”) of about (US$786,000) principally acquired by a abatement in sales acquirement as a aftereffect of the filing for defalcation defalcation of one of Blue Sky’s above customers.
The Company had net accident of about US$146,000 in Budgetary 2019, as compared to net assets of about US$88,000 in Budgetary 2018. This was primarily due to there was a non-recurrent net accretion on auctioning of an associate of about US$1,522,000 in Budgetary 2018.
The Company’s operating after-effects in Budgetary 2019 was abnormally afflicted by the bread-and-butter arrest in China and Hong Kong consistent from the China-US ascent barter war and technology tensions, and the advancing amusing agitation in Hong Kong. The beginning of coronavirus back December 2019 additionally has added material adverse appulse on the Company’s business, operating after-effects and banking action in year 2020.
The Aggregation is still absolute about the approaching Balance Baptize Analysis Systems (“BWTS”) business from anchorage casework and bartering ships. The development of the balance baptize anchorage band-aid ancestor is now completed and beneath arrangement and operation tests in assorted ports. The anchorage band-aid arrangement is a arrangement installed in anchorage to action balance baptize analysis casework for ocean activity ships afterwards their own BWTS and for those with damaged BWTS. The Aggregation is now embarking on advance activities for anchorage band-aid systems in China and South East Asia. The International Maritime Organization (“IMO”) assemblage stipulates that blazon approval for revised G8 requirements charge be acquired for all BWTS installed on or afterwards October 28, 2020. To accede with these requirements, the Aggregation is activity to alpha the acreage based test for our BWTS to access such blazon approval accepting in China.
About Blue Sky
Zhejiang Tianlan Environmental Protection Technology Co. Ltd., (“Blue Sky”), found in 2000, is a fast growing aggregation which provides a absolute account for design, accepted contract, accessories manufacturing, installation, testing and operation administering of the analysis of decay gases emitted from assorted boilers and automated furnaces of ability plants, animate works and actinic plants. It has listed its shares on the New Third Board in the People’s Republic of China (“PRC”) back November 17, 2015. The New Third Board is a civic over-the-counter bazaar in the PRC adapted by China Securities Regulatory Commission, and managed by the Civic Equities Exchange and Quotations, which serves as a belvedere for the auction of absolute shares or directed allotment placements for baby and medium-sized enterprises.
BWTS are an approaching claim by The International Maritime Organization (“IMO”) to anticipate the biological bewilder acquired by the estimated 12 billion bags of balance baptize transported beyond the seas by abyssal argosy back their balance baptize tanks are emptied or refilled. In 2012, balance baptize acquittal accepted became a law in the US. Any barge complete in December 2013 or afterwards will charge to accede back entering US waters, and absolute argosy will chase anon after. IMO’s Balance Baptize Administering Assemblage entered into force for new-built argosy on September 8, 2017 afterwards accepting by 52 States, apery 35.1441% of apple merchant aircraft tonnage. In July 2017, IMO absitively that the phase-in aeon for balance baptize arrangement retrofits started on 8 September 2019.
The aggregation acquired blazon approval affidavit from China’s Classification Society for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour BWTS and Alternate Administering Systems (‘AMS”) accepting for its abounding ambit BWTS in 2016.
AMS accepting by the U.S. Coast Guard is a acting appellation accustomed to BWTS accustomed by a adopted administration. It enables BWTS to be acclimated on argosy for a aeon of up to 5 years, while the analysis arrangement undergoes approval testing to U.S. Coast Guard standards.
Forward Attractive Statements
Certain statements in this account absolution apropos the Company’s expectations, estimates, present appearance of affairs or events, and statements absolute words such as estimates, anticipates, intends, or expects, or words of agnate import, aggregate advanced attractive statements aural the acceptation of the Private Securities Litigation Reform Act of 1995. Such statements announce ambiguity and the Aggregation can accord no affirmation with attention to absolute outcomes. Specific accident factors may include, afterwards limitation, accepting the Company’s offices and operations anchored in Hong Kong and China, accomplishing business in China, aggressive with Chinese bogus products, aggressive with the Company’s own suppliers, affirmation on vendors, and abridgement of continued appellation accounting agreements with suppliers and customers, development of new products, entering new markets, accessible downturns in business conditions, added competition, accident of cogent customers, availability of able personnel, negotiating absolute agreements, new business efforts and the appropriate 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 budgetary year concluded December 31, 2019.
CONDENSED STATEMENTS OF OPERATIONS
(Dollar amounts in US$ thousands, except allotment and per allotment data)
Year Concluded December 31,
Net (Loss) / Assets Attributable to the Company
Net (Loss) / Assets Per Ordinary Allotment – Basic
Weighted Average Number of
Ordinary Shares Outstanding –Basic
SELECTED BALANCE SHEET DATA
As of December 31,
Cash and Cash Equivalents
Total Current Assets
Total Current Liabilities
Total Euro Tech Shareholders’ Equity
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SOURCE Euro Tech Holdings Aggregation Limited
Special Power Engineering Contracts Ltd 1 Simple (But Important) Things To Remember About Special Power Engineering Contracts Ltd – special power engineering contracts ltd
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