Business
Euro Tech Holdings Company Limited Reports Interim Results For The Six Months Ended June 30, 2021
HONG KONG, Dec. 1, 2021 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported its unaudited financial results for the six months
About this update from Euro Tech Holdings Company Limited
[{"type":"text","content":"HONG KONG, Dec. 1, 2021 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported its unaudited financial results for the six months ended June 30, 2021.\nThe Company's business has turned around from operating loss of US$726,000 for the six months ended June 30, 2020 (\"1H 2020\") to operating income of US$507,000 for the six months ended June 30, 2021 (\"1H 2021\"). \nThe Company's revenues for 1H 2021 were US$10,054,000, a 75.8% increase as compared to US$5,718,000 for 1H 2020. The increase was primarily due to the completion of prior years' projects as the Covid-19 situation became stable in China. Revenues from trading and manufacturing activities, and engineering activities increased by US$364,000 and US$3,972,000, respectively. \nGross profits increased by 86.6% to US$3,022,000 for 1H 2021 as compared to US$1,619,000 for 1H 2020. The increase was primarily due to the increase in revenues and the gross profit margin of approximately 1.7%. \nSelling and administrative expenses increased by US$173,000 to US$2,514,000 for 1H 2021 as compared to US$2,341,000 for 1H 2020. The increase was principally due to the increase in selling expenses resulting from the increase in revenues and the effect of general inflation.\nThe Company's net income for the 1H 2021 decreased by approximately US$379,000 to US$490,000 as compared to US$869,000 for 1H 2020. This was due to a non-recurrent net gain on disposal of a property of US$1,429,000 for 1H 2020. The net profit for 1H 2021 was increased by approximately US$1,050,000 if this non-recurrent gain was excluded in 1H 2020.\nThe Company is positive about the future Ballast Water Treatment Systems (\"BWTS\") business from port services and commercial ships. In order to expand its market coverage, the Company has been undergoing the procedures to apply for type approval certificates for its BWTS from a number of European and Asian Classification Societies. During the year, the Company has appointed new distributors in Dubai and South Africa to develop the markets in the Middle East, African and Indian Ocean Island Countries.\nAbout BWTS\nBWTS are an imminent requirement by The International Maritime Organization (\"IMO\") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going vessels when th...