SHENYANG, China, May 15, 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 its financial results for the three months ended March 31, 2018.
2018 First Quarter Results Highlight:
- Total revenues were $147,079 and $1,036,041 for the three month ended March 31, 2018 and 2017, respectively, which decreased by $888,962, or 85.80% if compared total revenues for the three month ended March 31, 2017.
- The gross profit was $31,437 and $125,782 for the three month ended March 31, 2018 and 2017, respectively, which decreased by $94,345, or 75%, if compared to gross profit for the three month ended March 31, 2017.
- The net loss was $505,039 and $424,239 for the three month ended March 31, 2018 and 2017, respectively, which increased by $80,800 if compared to net loss for the three month ended March 31, 2017.
The decrease in the total revenues was due to the the delivered inventories in the end of 2017 were recognized without the invoices as the revenues of 2017. As a result, the Company deducted these revenues that have been recognized as the revenues of 2017 when received the invoices in the first quarter of 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.
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