CREG: UP 71.2%,SECOND,QUARTER,2015,FINANCIAL,RESULTS,REPORT
NET INCOME UP 71.2% YEAR-OVER-YEAR
XI'AN, China, Aug. 14, 2015 /PRNewswire/ -- China Recycling Energy Corp.
CREG
("CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2015.
Second Quarter 2015 Financial Highlights
Sales of systems increased 29.2% to US$24.47 million from US$18.95 million for the second quarter of 2014.
Interest income on sales-type leases increased 3.5% to US$6.33 million from US$6.12 million for the second quarter of 2014.
Total revenues, including sales of systems, contingent rental income and interest income on sales-type leases, increased 22.3% to US$30.91 million from US$25.27 million for the second quarter of 2014.
Operating expenses decreased 27.6% year-over-year to US$0.55 million.
Total non-operating income, net was US$3.68 million, compared with total non-operating expenses, net of US$1.35 million for the second quarter of 2014. This is mainly due to US$4.59 million of gain on systems repurchase from Jitie project and two BPRT systems for Datong Tianjian in the second quarter of 2015.
Net income attributable to CREG was US$11.28 million, up 71.2% from US$6.59 million for the second quarter of 2014.
Basic and fully diluted earnings per share (EPS) was US$0.14, compared with US$0.11 in the second quarter of 2014.
Mr. Guohua Ku, Chairman and CEO of CREG commented, "We are pleased with our strong performance this past quarter that produced a substantial increase in our profitability. As industrial consolidation continues in China, we experienced the early terminations of two projects during the second quarter, including one newly completed Waste Gas Power Generation ("WGPG") system for Datong Tianjian. By the end of the quarter, we finished the construction of a Coke Dry Quenching ("CDQ") system for Boxing County Chengli Gas Supply Co. , Ltd. This new system is currently being tested, and we expect full completion in coming months. The cash we received from the early terminations will help us fund new projects, develop new energy recycling solutions, and explore new operating and revenue models to meet market demand and maximize shareholder value."
For more information regarding China Recycling Energy Corp.'s financial performance during the quarter ended June 30, 2015, please refer to the Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on August 14, 2015.
Read more: www.benzinga.com/pressreleases/15/08/n5766216/china-recycling-energy-corporation-reports-second-quarter-2015-financia#ixzz3inQY9lJw
