www.nfenergy.com
NF Energy Saving 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 for China’s electric power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries.
NF Energy Saving reports better than expected third quarter results
NF Energy Saving Corporation (OTCBB: NFEC) reported better-than-expected results for the third quarter of 2009, with revenues rising 65 percent from the same period a year earlier to US$7.57 million while net profits were up 1004 percent at US2.18 million.
Gross profits in the third quarter rose 119 percent to US$2.72 million.
For the nine months ended September 30, 2009, revenues were US$15.20 million, up 29 percent from a year earlier. Gross profit was US$4.92 million, up 52 percent.
President and CEO Gang Li commented: "We continue to achieve product innovation, which enables us to win important bids against our competition. We also are benefiting from the Chinese government's stimulus program, especially in the area of environmental conservation and emissions reduction.”
Regarding the new manufacturing facility currently under construction, Li added: "Phase I of our new facility is anticipated to come online in the fourth quarter, which will greatly add to our production capacity and support our future growth."
The flow control systems announced last week it completed the first batch of energy efficient flow control systems for a large power plant in Guangdong province. Four butterfly valves are to be delivered in the fourth quarter of 2009, and the company expects to realise revenue of US$560,000 from the initial batch in that period.
Another batch of four butterfly valves is to be delivered in 2010 and revenue of US$560,000 is to be recognized in 2010.
The power plant is one of China's new Ultra-Supercritical coal power plants being built to replace small, dirty and inefficient coal power plants with design capacity of 2 x 1,000 megaWatts of generation capacity. It will greatly improve the electricity supply in the Pearl River Delta Area.
Only two weeks prior to that, the group delivered twelve electric butterfly valves to a large thermal power plant in Gansu province, generating revenue of US$300,000 in the fourth quarter 2009.
The group in August announced it won a US$2.6 million order from the Guangzhou Water Affairs Bureau to deliver 24 of its newly launched DN3600 Ductile Iron Butterfly Valves.
