中国循环能源公布2016年第二季度财务业绩China Recycling EnergyCorporation Reports Second Quarter 2016 Financial Results
XI'AN,China, Aug. 15, 2016 (GLOBE NEWSWIRE) -- China Recycling Energy Corp. (CREG)("CREG" or "the Company"), a leading industrialwaste-to-energy solution provider in China, today announced its unauditedfinancial results for the second quarter ended June 30, 2016.
Second Quarter2016 Financial Highlights
Interestincomeonsales-typeleasesdecreased40.28%toUS$3.78millionfromUS$6.33 millionforthesecondquarterof2015. Operatingexpenses decreased 33% year-over-year to US$0.37 million. Netincome was US$2.35 million, down 79.17% from US$11.28 million for the second quarter of 2015. Basicandfullydilutedearningspershare(EPS)wasUS$0.28,ascomparedwithUS$1.36forthesecondquarterof2015.
Mr.Guohua Ku, Chairman and CEO of CREG, commented, “Net income for the quarterdecreased 79.17% due to decreased sales of system as there is no completion ofnew project. Compared with last year, on an on-going basis, we employ ourexpertise to find more avenues to recycle energy and provide saving to newtypes of energy intensive industries. We are encouraged by the active market inChina for our energy savings andemissions reducing products and services, and we continue to pursue newproposals and opportunities.”
Formore information regarding China Recycling Energy Corp.'s financial performanceduring the quarter ended June 30, 2016, please refer to the Quarterly Report onForm 10-Q, which was filed with the Securities and Exchange Commission on August15, 2016.
About ChinaRecycling Energy Corp.
ChinaRecycling Energy Corp. (CREG) ("CREG" or "the Company") isbased in Xi'an, China and provides environmentally friendly waste-to-energytechnologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China.Byproducts include heat, steam, pressure, and exhaust to generate large amountsof lower-cost electricity and reduce the need for outside electrical sources.The Chinese government has adopted policies to encourage the use of recyclingtechnologies to optimize resource allocation and reduce pollution. Currently,recycled energy represents only an estimated 1 percent of total energy consumption andthis renewable energy resource is viewed as a growth market due to intensified environmental concerns andrising energy costs as the Chinese economy continues to expand. The management and engineering teamshave over 20 years of experience in industrial energy recovery in China. Formore information about CREG, please visit http://www.creg-cn.com.
Safe HarborStatement
Thispress release may contain certain "forward-looking statements"relating to the business of China Recycling Energy Corp. and its subsidiarycompanies. All statements, other than statements of historical fact included herein are"forward-looking statements." These forward-looking statements areoften identified by the use offorward-looking terminology such as "believes," "expects"or similar expressions, involve known and unknown risks and uncertainties.Although the Company believes that the expectations reflected in theseforward-looking statements are reasonable, they do involve assumptions,risks and uncertainties,and these expectations may prove to be incorrect. Investors should not placeundue reliance on these forward-lookingstatements, which speak only as of the date of this press release. TheCompany's actual results could differ materially from those anticipated in theseforward-looking statements as a result of a variety of factors, including those discussed in the Company'speriodic reports that are filed with the Securities and Exchange Commission andavailable on its website at http://www.sec.gov.All forward-looking statements attributable to the Company or persons acting onits behalf are expressly qualified in their entirety by these factors. Other than as required under the securitieslaws, the Company does not assume aduty to update these forward-looking statements.
For more information,please contact:
Mr. Jackie Shi, Chief Financial Officer & BoardSecretary China Recycling Energy Corporation Tel: +86- 139 9287 0723
Email: shi723910@163.com / shi723@creg-cn.com
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