Green Energy Group
The Group's principal activity is providing construction contracting services. Other activities include trading of bio-cleaning materials and recyclable plastic materials, providing waste recycling management and investment holding. It operates in People's Republic of China and Hong Kong.
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Green Energy Group sees 2008 loss, plans recycling focus
Hong Kong-based Green Energy Group, who have released their results for 2008, have revealed that the company made a loss this year of HK$42.2m, virtually unchanged from their loss for 2007 of HK$42.1m.
The group has three operating divisions: construction contracts, distributions and trading and waste recycling. Construction contracts refers to the provision of construction works, distributions and trading includes trading bio-cleaning materials, recyclable plastic materials, waste construction materials and generators, while waste recycling includes waste recycling and management.
Consolidated revenue from all the divisions for 2008 was HK$2.97m, of which distributions and trading provided HK$2.86m; waste recycling however brought in no external revenue for the entire year.
In the second quarter of 2008, Green Energy completed new warehousing and re-compressing facilities in Hong Kong, to resume its business trading imported recyclable plastics. However, the financial crisis has caused unpredictable fluctuations in recyclable plastic materials, bringing the recyclable plastics trading business to a halt.
In order to minimise trading risks caused by price fluctuations for recyclable plastics, trading activities remain suspended. Last year the company also gradually wound down its mainland building and construction activities, regarding them as incompatible with the main focus on waste management and recycling, and energy projects. Revenue from bio-cleaning for last year was HK$1.4m, an increase of 366.7 percent from 2007.
By geographical market, sales in Hong Kong rose by 27 percent from 2007, to HK$2.8m. The fall in mainland revenue appears to have been accountable for the group’s loss, falling 99 percent, from HK$16.5m in 2007 to HK$107,000 last year.
Green Energy plans to seek opportunities in environmental protection and recycling in particular, in Hong Kong, mainland China and abroad. India, China and other countries now provide subsidies for biogas utilization; as well as launching multi-fuel technologies, mainland manufacturing operations aim to diversify products into other equipment powered by biogas and other forms of renewable energy.
