Business
Euro Tech Holdings Company Limited Reports 2021 Year-End Results
HONG KONG, May 16, 2022 /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 16, 2022 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2021 (\"Fiscal 2021\").\nThe Company had net income of US$989,000 in Fiscal 2021, as compared to US$769,000 for the fiscal year ended December 31, 2020 (\"Fiscal 2020\"). This increase was primarily due to increase in operating income which far exceeded the non-recurrent gain on disposal of a property of US$1,429,000 in Fiscal 2020.\nThe Company's revenues for Fiscal 2021 were US$21,388,000, an approximate 60.1% increase compared to US$13,357,000 in Fiscal 2020. The increase was principally due to the increase in revenue generated by Ballast Water Treatment Systems (\"BWTS\") sales and the completion of prior years' projects as the COVID-19 situation became stable in 2021.\nGross profits increased by 54.5% to US$5,695,000 for Fiscal 2021 as compared to approximately US$3,685,000 for Fiscal 2020. The increase was primarily due to the increase in revenues.\nSelling and administrative expenses decreased by 8.6% to approximately US$4,911,000 for Fiscal 2021 as compared to approximately US$5,374,000 for Fiscal 2020. The decrease was principally due to the decrease in research and development costs and redundancy provision.\nMr. David, CEO of the company commented,\n\"In view of the current epidemic situation and its negative impact in China especially Shanghai, the Company will seek several ways to mitigate risks:\nThe Company is exploring the more fast growing markets in South East Asia especially Vietnam and Indonesia in order to grow its BWTS business. The company is seeking more potential partners in these countries for business co-operations not ruling out to consider manufacturing in this region.\nThe Company will continue to optimize and develop more new applications for BWTS and its derived wastewater solutions for maritime industry in the upcoming days.\nThe Company is also targeting certain market sectors with a faster business growth than others, such as pharmaceutical and semiconductor industries for its industrial wastewater treatment business.\"\nAbout BWTS\nBWTS are an imminent requirement by The International Maritime Organization (\"IMO\") to prevent the biological imbalance caused by the estimated 12 billion tons of ballast water transported across the ...