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 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.
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
