Business
Euro Tech Holdings Company Limited Reports 2018 Year-End Results
HONG KONG, May 14, 2019 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended
About this update from Euro Tech Holdings Company Limited
[{"type":"text","content":"HONG KONG, May 14, 2019 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2018 (\"Fiscal 2018\").\nThe Company's revenues for Fiscal 2018 were approximately US$20,104,000, an approximate 15.9% increase compared to approximately US$17,350,000 in the Company's fiscal year ended December 31, 2017 (\"Fiscal 2017\").\nThe Company had net profit of approximately US$88,000 in Fiscal 2018, a decrease of 81% as compared to approximately US$473,000 in Fiscal 2017. This decrease was primarily due to the negative contribution of approximately US$786,000 from its affiliate, Zhejiang Tianlan Environmental Protection Technology Co. Ltd. (\"Blue Sky\") in Fiscal 2018 as compared to the profit contribution of approximately US$712,000 in Fiscal 2017, coupled with an increase in operating loss resulting primarily from the decrease in the gross profit margin percentage of contracts under the keen competitive market condition, The overall result was partially offset by a gain on disposal of equity in an affiliate, Zhejiang Jia Huan Electronic Co. Ltd. (\"Jia Huan\").\nDespite the slow economy due to the escalating trade war between China and the United States, the Company is positive about the Ballast Water Treatment Systems (\"BWTS\") business from port services and commercial ships in the near future.\nAbout Blue Sky\nZhejiang Tianlan Environmental Protection Technology Co. Ltd., (\"Blue Sky\"), found in 2000, is a fast growing company which provides a comprehensive service for design, general contract, equipment manufacturing, installation, testing and operation management of the treatment of waste gases emitted from various boilers and industrial furnaces of power plants, steel works and chemical plants. It has listed its shares on the New Third Board in the People's Republic of China (\"PRC\") since November 17, 2015. The New Third Board is a national over-the-counter market in the PRC regulated by China Securities Regulatory Commission, and managed by the National Equities Exchange and Quotations, which serves as a platform for the sale of existing shares or directed share placements for small and medium-sized enterprises. \nAbout Jia Huan\nZhejiang Jia Huan Electronic Co. Ltd. in Zhejiang, China (\"Jia Huan\"), an established company, has been in busin...