NF Energy Saving Corporation (NFEC), 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 three and six months ended June 30, 2014.
2014 second quarter results highlights:
For the six months ended June 30, 2014, the total revenues from operations were $3.34 million, which increased by 20.63% when compared with the corresponding period of last year.
Total amounts of the signed contracts in the first half of the year were 120 million Chinese yuan (approximately $19.35 million), consisting of valve flow control equipment contracts and the environmental protect contracts of 100 million Chinese yuan (approximately $16 million) and 20 million Chinese yuan (approximately $3.25 million), respectively.
The installed cleaning spray pressure line and the production line of the Company's new manufacturing facility will be operating in June. As a result, the quality of the Company's products will be greatly improved.
Successful completion of the prototype testing relating to the trash penetrating fluid and pollution-free processing equipment that were researched and developed in first half of the year and are expected to be a new growth point for the Company in second half of the year and beyond.
Mr.Gang Li, Chairman of the Company said, "The technical innovation is key. Therefore, the Company will focus on developing two aspects: one is to ensure that the valve and flow control equipment will be steadily developed, and another is to achieve the rapid growth on environmental protection and dust removal equipment. The Company believes that the revenues will increase over the next two 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.