Business
Euro Tech Holdings Company Limited Reports 2022 Year-End Results
HONG KONG, May 12, 2023 /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 12, 2023 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2022 (\"Fiscal 2022\").\nThe Company's revenues for Fiscal 2022 were US$14,949,000, an approximate 30.1% decrease compared to US$21,388,000 in Fiscal 2021. The decrease was principally due to adverse impacts of the COVID-19 pandemic and Shanghai's lockdown in 2022.\nGross profits decreased by 18.9% to US$4,618,000 for Fiscal 2022 as compared to approximately US$5,695,000 for Fiscal 2021. The decrease was primarily due to the decrease in revenues.\nSelling and administrative expenses decreased by 8.6% to approximately US$4,490,000 for Fiscal 2022 as compared to approximately US$4,911,000 for Fiscal 2021. The decrease was principally due to decrease in expenses related to sales and control over overheads, particularly the closure of the business operations of Shanghai Euro Tech Limited in September 2022 because it has suffered loss for the past few years during which it focused on the manufacturing of analytical and testing instruments.\nThe Company had net income of US$369,000 in Fiscal 2022, as compared to US$989,000 for the fiscal year ended December 31, 2021 (\"Fiscal 2021\"). This decrease was primarily due to decrease in sales orders and revenues as affected by COVID-19.\nMr. David Leung, CEO of the company commented, \"In 2022, the COVID-19 had affected our sales revenue and net income due to the lockdown policy, travel restriction, disruption of the supply chain and the subsequent delay of projects. \nDespite the adverse situation, we managed to increase sales orders for Ballast Water Treatment Systems (\"BWTS\") from maritime industry in 2022 due to our competitiveness in terms of price, delivery time, and reliability of our design systems. We still maintained good relationship with our clients and have received letters of appreciation for our satisfactory turnkey industrial wastewater treatment service (\"WWT\") from Fortune 500 clients (a USA food/beverage company and a Germany chemical company).\nAlthough China has already lifted and relaxed with her COVID policy since March 2023, it still takes time for foreign and domestic companies to back to normal. Thus, we now focus more on sales promotions in strong GDP growth countries, such as Middle East and Sout...