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 Corp full year revenues easily beat expectations
Xi’an, China based waste-to-energy recycling specialist China Recycling Energy Corp. (OTCBB: CREG) looks set to continue its recent strong run. The company announced this
morning that full year revenues for the year ended 31 December 2009 (FY
2009) were set to come in 30% ahead of guidance.
China Recycling
Energy Corp helps industrial business, such as steel mills, improve
their energy efficiency by capturing waste heat produced from
operations to generate additional electricity.
The company
reported this morning that it expected FY 2009 revenues to be between
US$45 to $46 million, a 130% increase on FY 2008 results of $19.2
million. Fourth quarter revenues are expected to be $11-$12 million,
with net income of $2.5-$3.0 million (5-6 cents diluted share), which
itself it an increase of 20% on Q4 2008.
Fyear 2009 net income
is expected to be in the range of $10.5-11 million, or 22 to 23 cents
diluted earnings per share, compared to a FY 2008 net loss of $2.2
million, or 7 cent diluted earnings per share loss.
"During the
course of 2009, CREG is able to delivery on all of its goals and
expectation for shareholder values and customers,” Mr. Guohua Ku,
Chairman and CEO of CREG, commented, “In fact, we were able to
significantly beat our financial projections by over 30% for the year.
As we enter 2010, we expect to be able to continue strong development
momentum and achieve sustained growth with the platform that we are
continuing building up in China's tremendous energy inefficiency and
the strong government incentives that clean tech sector is receiving.
Our Build-Operate-Turn Key ("BOT") model allows us significant
visibility based on previously executed contracts and revenue generated
from electricity sales in relation to those contracts."
Guidance for FY 2010 will be released on March 31.
Other China Recycling Energy Corp news
- China Recycling Energy`s profits up 56% on multi-million dollar biomass contract
2010-08-17 - China Recycling Energy secures US$26.75 mln loan to finance Erdos power generation projects
2009-12-09 - China Recycling Energy increases full year revenues and earnings guidance
2009-11-17 - China Recycling Energy in 10-yr contracts with Shenmu County coking project
2009-11-03
