Business
Euro Tech Holdings Company Limited Reports Interim Results For The Six Months Ended June 30, 2023
HONG KONG, Dec. 22, 2023 /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. 22, 2023 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported its unaudited financial results for the six months ended June 30, 2023.\n\nThe Company's revenue for the six months ended June 30, 2023 (\"1H 2023\") were US$7,957,000, an 18.2% increase as compared to US$6,730,000 for the six months ended June 30, 2022 (\"1H 2022\"). The increase was primarily due to increase in revenue from trading activities of US$1,205,000.\nGross profit decreased by 20.6% to US$1,498,000 for 1H 2023 as compared to US$1,888,000 for 1H 2022. The decrease was primarily due to the decrease in gross profit margin % on revenue from engineering activities.\nGeneral and administrative expenses decreased by US$159,000 to US$2,213,000 for 1H 2023 as compared to US$2,372,000 for 1H 2022. The decrease was principally due to the cessation of business operation of Shanghai Euro Tech Ltd. in 2022.\nThe Company's net loss for 1H 2023 was US$255,000 as compared to US$184,000 for 1H 2022 resulting from decrease in gross profit.\nMr. David Leung, CEO of the company commented, \"In the first half year of 2023, amid continuous economy slowdown in China, it was not that easy for the Company to perform well as there were fewer new projects and some current projects were being delayed for completion in China. Despite these adverse impacts, we have been participating in major exhibitions and business roadshows in Middle East and ASEAN countries. As a result, we have signed up with several new distributors in ASEAN and UAE region to promote our Ballast Water Treatment Systems (\"BWTS\"). We have subsequently received orders for our BWTS from Dubai, Singapore, Thailand and Turkey. Apart from BWTS, we have also made our first new sales breakthrough in Thailand for being awarded a sales contract from a chemical company to provide industrial wastewater solution equipment and services. We believe there will be more opportunities from Thailand in future.\nWe expect the pace of recovery in China will take a longer time than our original plan due to the global economy is still clouded with lots of uncertainty, such as Ukraine war, energy crisis in Europe as well as the tense relationship between China and USA. To mitigate these potential risks, we have to look for more export business for our BWTS by appointing more distributors outside...