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- Achieves Turnaround from Loss to Profit
- Testifying to Initial Success of New Energy Business |
HONG KONG, Mar 15, 2016 - (ACN Newswire) - Northern New Energy Holdings Limited ("Northern New Energy" / the "Group;" stock code: 8246) has today announced its annual results for the year ended 31 December 2015. During the year, the Group has boosted its efforts to develop the new energy business and successfully achieved a turnaround from loss to profit.
Due to a substantial increase in total revenue and profit of the Group in 2015 mainly generated by the Group's new income stream from its new energy business since the last quarter of 2015, in addition to a decrease in the loss attributable to the Group's catering business, for the year ended 31 December 2015, net profit and total comprehensive income of the Group amounted to RMB21,332,000 (2014: net loss and total comprehensive expense of RMB34,050,000). Profit attributable to owners of the Company amounted to RMB18,369,000 (2014: loss attributable to owners of the Company of RMB32,243,000). Basic earnings per share was RMB4.7 cents (2014: basic loss per share of RMB11.3 cents). The results are encouraging for the Group.
The year 2015 has been strategically significant for the Group. Having noted the huge potential of the new energy business in the PRC, the Group has pushed forward a series of strategic initiatives in the past year, such as changing the company name from "Noble House (China) Holdings Limited" to "Northern New Energy Holdings Limited", establishing a joint venture company Hua Xia Northern New Energy Technology Development (Tianjin) Limited ("Hua Xia Northern New Energy") with an independent third party, and strengthening the management team. These initiatives all help to redefine the Group's major development direction.
Capitalising on Hua Xia Northern New Energy's experienced management team and its partners' professional network in China, and in light of the market demand, the Group has completed several coal-to-natural gas conversion heating projects in Tianjian, the PRC since the joint venture's inception. The contract engineering projects include the installation of LNG tanks, carburetors, non-standard pressure regulators (products) and gas boilers, as well as the construction of large-scale heating plants, laying a solid foundation for the business of the Group. Currently, the Group is actively seeking to set up joint venture companies with its industry partners (especially the gas companies) in order to develop clean energy-related businesses in technology, consultancy, services, transfer and sales.
Mr. Hu Yishi, Executive Chairman and Executive Director of Northern New Energy said, "Despite the Group's new energy development business only commencing operations in the final quarter of last year, the revenue generated by the business has already surpassed the Group's traditional businesses, proving that the Group has made the correct strategic decisions. Currently, there is a severe shortage of natural gas supply, and the development of natural gas will become an investment hotspot under the Thirteenth Five-year Plan. In fact, Tianjin is only the starting point of the Group's new energy business. Management will closely adhere to the government's development strategy and continuously adjust its development direction to gradually establish a foothold in the natural gas business. Businesses other than 'coal-to-natural gas' heating conversion projects will be developed and we will also expand our presence to surrounding areas, thereby enabling us to seize market opportunities."
In order to enhance the liquidity of the shares, the Directors of the Group proposed to implement the share subdivision on the basis that every 1 current share will be subdivided into 8 subdivided shares. The Directors also proposed to change the board lot size for trading in the subdivided shares of the Company from 4,000 subdivided shares to 8,000 subdivided shares upon the share subdivision becoming effective. The share subdivision is conditional upon the passing of the necessary resolutions by the shareholders at the AGM to be held on 19 May 2016.
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
Caley Chan +852 2114 4950 caley.chan@sprg.com.hk
Topic: Press release summary
Source: Northern New Energy Holdings Limited
Sectors: Daily Finance, Energy, Alternatives, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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