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Northern New Energy Achieves Turnaround for 2016 Interim Results
Favourable Performance of the New Energy Business Helps Underpin the Business Development
HONG KONG, Aug 11, 2016 - (ACN Newswire) - Northern New Energy Holdings Limited ("Northern New Energy" / the "Group;" stock code: 8246) has today announced its unaudited interim results for the six months ended 30 June 2016. During the period under review, the Group has focused its development on the New energy business, consequently achieving a turnaround in profit.
For the first half of 2016, revenue of the Group amounted to RMB61,200,000 (Corresponding period in 2015: RMB34,900,000), representing a surge of 75.3%. The increase was mainly attributable to the revenue generated from the new stream of income in the New energy business, which commenced operation in the fourth quarter of 2015. During the period, profit and total comprehensive income attributable to the owners of the Company amounted to RMB18,000,000 (Corresponding period in 2015: loss and total comprehensive expense attributable to the owners of the Company of RMB11,800,000). The basic and diluted earnings per share were both RMB0.5 cents (Corresponding period in 2015: basic and diluted loss per share of RMB0.4 cents).
Since the Group founded Hua Xia Northern New Energy Technology Development (Tianjin) Limited in the second half of 2015, it has quickly gained a foothold in the potential rich China new energy market, delivering encouraging results. Although the first half year of 2016 is not the traditional peak season for the New energy business that the Group is involved in, it has not only rolled out several coal-to-natural gas conversion projects in the Xiqing and Beichen districts of Tianjin, but also completed several engineering consultancy solutions. Combined, these projects have brought profits surpassing those from the catering business during the same period.
Mr. Hu Yishi, Executive Chairman and Executive Director of Northern New Energy said, "New energy is a rising industry and its development can benefit the Chinese people and society. To bolster the development of its New energy business, we are strengthening our capabilities and are committed to forming partnerships with other enterprises. The Group is continuing to strengthen its base in Tianjin with an eye on expanding the business nationwide. We believe there are ample opportunities in Northern China and neighbouring regions, thus we will actively seek and seize those opportunities with the most potential. Apart from market development, we will also continue to review and adjust the New energy business model, and introduce products and services that the market needs in a timely fashion, with the aims of expanding the Group's New energy business along the industry chain and ultimately bringing optimum returns to shareholders."
Contact:Strategic Financial Relations Limited
Heidi So +852 2864 4826 heidi.so@sprg.com.hk
Keris Leung +852 2864 4863 keris.leung@sprg.com.hk
Fanny Yuen +852 2864 4853 fanny.yuen@sprg.com.hk
Source: Northern New Energy Holdings Limited
Sectors: Daily Finance, Energy, Alternatives, Daily News
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