NF Energy
NF Energy-saving Corporation of America was listed on NASD OTCBB stock market. (Trading Symbol: NFES.OB). The Company operates its business through its wholly owned subsidiary in China, Liaoning Nengfa Weiye Energy Technology Co., Ltd., which principally focus on manufacturing energy-saving equipments and new energy facilities, contracting with energy-saving & pollution reduction Turn-Key project, and operating Energy Management Contract (EMC) projects.
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NF Energy Q2 revenue exceeds company guidance
NF Energy Saving Corp of America (OTCBB: NFES) reported higher profits in the second quarter and a strong rise in revenues for the period, exceeding its own forecast by 137 percent, as the effect of the Chinese government's stimulus package and the focus on energy saving technology translated into stronger than expected growth.
Revenue in the second quarter to end-June 2009 rose to US$5.2 million from US$4.3 million in the same period a year earlier. Net profit rose 9 percent to US$1.16 million.
In the first half, revenue rose to US$7.64 million from US$7.16 million last year.
President and CEO Gang Li commented: "Our business continues to accelerate as we enter the second half of 2009. In particular, we are seeing strong demand for our wind products. Overall, our energy-saving control products are becoming more widely utilized throughout various projects in China. Our efforts are complimented by the actions of the Chinese government's successful stimulus program."
At the end of the second quarter the company had US$11 million in cash receivables, US$2.7 million in payables, and no long term debt. NF Energy is investing in a new facility to meet the growing demand for its proprietary wind turbine components.
NF Energy anticipates issuing updated guidance in the near future to reflect growing demand for its products and services.
Other NF Energy news
- NF Energy Saving shares down as Q4 earnings slide
2011-03-25 - NF Energy signs contract with Fuxin HF Bio-energy for energy savings project in China
2010-09-15 - NF Energy expects to increase revenue by at least 33% in 2010
2010-04-21 - NF Energy expects to benefit from Chinese policies for energy
2010-04-14 - NF Energy expects 2009 earnings to soar 250% as revenues climb 28%
2010-02-26
