China Recycling Energy Corp
China Recycling Energy Corp. is based in Xi'an, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China
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China Recycling Energy increases full year revenues and earnings guidance
China Recycling Energy (OTC: CREG) reported impressive
third quarter (three months ended September 30, 2009) results today and
gave investors an added bonus in the form of increased earnings and
revenue guidance for the full year.
Headline numbers released
today included a 333% increase in third quarter revenues to US$18.4
million and 1045% surge in third quarter net income to US$3.8 million.
Full diluted earnings per share (EPS) rose 676% to 8 cents.
For
the nine months ended September 30, 2009, CREG had total revenue of
$33.9 million, a 393% increase from the $6.9 million in revenue
recorded in the same period of 2008. Of the total revenue, product
sales revenue was $27.9 million and rental income from operational
leases was $5.9 million. In the same period of 2008, CREG had rental
income of $6.9 million.
China Recycling Energy provides energy
solutions to a range of industries in China, including cement
factories, coke plants and steel mills.
"We are very pleased to
announce a record quarter for CREG, based on a combination of product
sales, delivery of systems servicing a new customer and increasing
recurring revenues from our portfolio of existing waste-energy recovery
projects," Mr. Guohua Ku, Chairman and CEO of CREG, said. "This quarter
we have both expanded the scope of our business industry sector as well
as taken on larger projects. We are fully confident that we will
continue to be a leader in build, operate and transfer (BOT) energy
recovery projects in China and will deliver increasing value to our
customers and shareholders."
As a result of the solid sales
revenues and revenues from interest income and sales leasing, China
Recycling upped its full year revenues guidance to US$38-40 million and
net income of US$10 million.
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2009-12-09 - China Recycling Energy in 10-yr contracts with Shenmu County coking project
2009-11-03
