Anzeige
Mehr »
Login
Samstag, 18.05.2024 Börsentäglich über 12.000 News von 688 internationalen Medien
Spezial Report: NASDAQ-FinTech mit 3.000% Wachstum und 500% Kurs-Chance!
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche

WKN: A1JSYR | ISIN: VGG320301275 | Ticker-Symbol:
NASDAQ
17.05.24
16:57 Uhr
1,760 US-Dollar
+0,010
+0,57 %
Branche
Elektrotechnologie
Aktienmarkt
ASIEN
1-Jahres-Chart
EURO TECH HOLDINGS COMPANY LIMITED Chart 1 Jahr
5-Tage-Chart
EURO TECH HOLDINGS COMPANY LIMITED 5-Tage-Chart
PR Newswire
601 Leser
Artikel bewerten:
(2)

EURO TECH HOLDINGS COMPANY LIMITED: 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 ended June 30, 2023 .

The 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 .

Gross 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.

General 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.

The 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.

Mr. 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.

We 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 China . We will focus more on high growth markets for small BWTS. We may look into the feasibility of the white label solution by looking for potential business partners who will sell PACT BWTS under their own brands. As for industrial wastewater solution business in China, we will continue to focus on high growth industries such as pharmaceutical, electronic, renewable energy sectors."

About BWTS

BWTS 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 their ballast water tanks are emptied or refilled. In 2012, ballast water discharge standard became a law in the US. Any vessel constructed in December 2013 or later will need to comply when entering US waters, and existing vessels will follow shortly after. IMO's Ballast Water Management Convention entered into force for new-built vessels on September 8, 2017 after ratification by 52 States, representing 35.1441% of world merchant shipping tonnage. In July 2017, IMO decided that the phase-in period for ballast water system retrofits started on 8 September 2019.

The company obtained type approval certificate from China's Classification Society for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour BWTS in 2016.

The IMO convention stipulates that type approval for revised G8 requirements must be obtained for all BWTS installed on or after October 28, 2020, and the company have been in compliance with such requirements.

The ballast water port solution system is a system installed in port to offer ballast water treatment services for ocean going ships without their own BWTS and for those with damaged BWTS.

Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2022 .

EURO TECH HOLDINGS COMPANY LIMITED
CONSOLIDATED BALANCE SHEETS



As of

June 30,

2023

(Unaudited)

As of
December 31,

2022

(Audited)



US$'000

US$'000

ASSETS




Current assets:




Cash and cash equivalents


4,358

5,628

Restricted cash


979

930

Accounts receivable, net


1,457

1,586

Prepayments and other current assets


535

486

Contract assets


257

217

Inventories


593

603



------

------

Total current assets


8,179

9,450



------

------





Property, plant and equipment, net


171

179

Investments in affiliates


8,131

8,251

Goodwill


1,071

1,071

Operating lease right-of-use assets, net


322

219

Deferred tax assets


102

108

Restricted cash


-

85



------

------

Total non-current assets


9,797

9,913



------

------

TOTAL ASSETS


17,976

19,363



------

------





LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Bank borrowings


-

222

Accounts payable


1,891

2,279

Contract liabilities


551

625

Other payables and accrued expenses


921

1,231

Current portion of long-term operating lease liabilities


166

113

Income tax payable


1

-



------

------

Total current liabilities


3,530

4,470



------

------





Deferred tax liabilities


-

-

Long-term operating lease liabilities, net of current portion


137

87



------

------

Total non-current liabilities


137

87



------

------

TOTAL LIABILITIES


3,667

4,557



------

------





Commitments and contingencies


-

-





SHAREHOLDERS' EQUITY:




Ordinary share,

20,000,000 shares authorized and no par value; 7,899,832 and 7,899,832
shares issued as of June 30, 2023 and December 31, 2022, respectively


123

123

Additional paid-in capital


9,738

9,715

Treasury stock, 176,200 and 167,700 shares at cost as of June 30, 2023 and
December 31, 2022, respectively


(797)

(786)

PRC statutory reserves


362

362

Accumulated other comprehensive income


736

725

Retained earnings


3,378

3,633



------

------

Total shareholders' equity attributable to Euro Tech Holdings Company
Limited


13,540

13,772

Noncontrolling interest s


769

1,034



------

------

Shareholders' equity


14,309

14,806



------

------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


17,976

19,363



------

------

EURO TECH HOLDINGS COMPANY LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022



2023

(Unaudited)

2022

(Unaudited)




US$'000

US$'000







Revenue, net:





Trading and manufacturing


5,191

3,986


Engineering


2,766

2,744




--------

--------




7,957

6,730







Cost of revenue:





Trading and manufacturing


(4,102)

(3,044)


Engineering


(2,357)

(1,798)




--------

--------




(6,459)

(4,842)




--------

--------


Gross profit


1,498

1,888







Operating expenses:





Finance costs


(3)

(3)


General and administrative expenses


(2,213)

(2,372)




--------

--------


LOSS FROM OPERATION


(718)

(487)


Interest income


14

8


Other income, net


3

(7)


Equity in income of affiliates


203

221




--------

--------


LOSS BEFORE INCOME TAXES


(498)

(265)







Income tax (expense) credit


(4)

7




--------

--------


NET LOSS


(502)

(258)







Net loss attributable to noncontrolling interests


247

74




--------

--------


Net (loss) attributable to Euro Tech Holdings
Company Limited


(255)

(184)




--------

--------


Other comprehensive (loss)





Net (loss)


(502)

(258)


Foreign currency adjustment loss


(7)

(41)




--------

--------


COMPREHENSIVE LOSS


(509)

(299)


Comprehensive loss attributable to
noncontrolling interest s


265

99




--------

--------


Comprehensive (loss) attributable to Euro

Tech Holdings Company Limited


(244)

(200)




--------

--------







Net (loss) per ordinary share attributable to
Euro Tech Holdings Company Limited










- Basic


$ US(0.03)

$ US(0.02)




--------

--------


- Diluted


$ US(0.03)

$ US(0.02)




--------

--------







Weighted average number of ordinary
shares outstanding





- Basic


7,729,439

7,732,132




--------

--------


- Diluted


7,729,439

7,732,132




--------

--------


SOURCE EURO TECH HOLDINGS COMPANY LIMITED

KI-Champions: 3 Top-Werte, die Ihr Portfolio revolutionieren
Fordern Sie jetzt den brandneuen kostenfreien Sonderreport an und erfahren Sie, wie Sie von den enormen Wachstumschancen im Bereich Künstliche Intelligenz profitieren können - 100 % kostenlos.
Hier klicken
© 2023 PR Newswire
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.