CREG: SALES,IN,2015,UP,23.89%,YEAR-OVER-YEAR
CHINA RECYCLING ENERGY CORPORATION REPORTS FULL YEAR 2015 FINANCIAL RESULTS
TOTAL SALES IN 2015 UP 23.89% YEAR-OVER-YEAR
PR Newswire
China Recycling Energy Corp. March 29, 2016 8:00 AM
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XI'AN, China, March 29, 2016 /PRNewswire/ -- China Recycling Energy Corp. (CREG) (" CREG " or " the Company "), a leading industrial waste-to-energy solution provider in China, today announced its financial results for the full year ended December 31, 2015.
Full Year 2015 Audited Financial Highlights
Interest income on sales-type leases decreased 13.08% to US$23.00 million from US$26.46 million in 2014;
Total sales increased 23.89% to US$24.36 million from US$19.66 million in 2014;
Net income was US$18.40 million, down 7.14% from US$19.81 million in 2014;
Basic and fully diluted earnings per share (EPS) was US$0.22, as compared with US$0.28 in 2014.
Mr. Guohua Ku, Chairman and CEO of CREG commented, "In consideration of the downturn and decline of iron and steel enterprises in China in recent years as well as the restructure and change in ownership interest of certain clients, the company transferred Jitie Project, Datong Project and Zhongtai CDQ project in 2015. Taking into consideration the time value of money and the opportunity to deploy the cash to fund some of the numerous projects in our pipeline, we believe that the early termination fee more than compensates the Company for the loss of future income but further strengthens our financial position and will spur a new round of business development. We continue to invest in our R&D efforts to explore new solutions to be used in more energy intensive industries."
Source:
finance.yahoo.com/news/china-recycling-energy-corporation-reports-120000780.html
