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| New Energy Business Makes Major Progress and Pushes Up Profit Notably |
HONG KONG, Mar 16, 2017 - (ACN Newswire) - Northern New Energy Holdings Limited ("Northern New Energy"/ the "Group", stock code: 8246) today announced its annual results for the year ended 31 December 2016. The Group achieved major progress with its new energy business during the year, which pushed up net profit by a notable 417.4% to RMB95.1 million (2015: RMB18.4 million), making it the best results since its listing in 2011. Apart from the significant contribution from new energy business, the strong results were also attributable to the implementation of effective cost control measures on its catering business. Basic and diluted earnings per share were RMB2.8 cents and RMB2.7 cents respectively (2015: RMB0.6 cents and RMB0.6 cents). Those are encouraging numbers for the Group.
During the year, the Group actively developed its new energy business, providing customers with technological development and consultation services in new energy projects including coal-to-natural gas conversion heating projects, as well as the installation of liquefied natural gas tanks, carburetors, non-standard pressure regulator equipment and gas boilers, and the construction of large-scale heating plants. Moreover, the Group has worked with several new energy-related companies to co-develop projects in Tianjin, including the layout and construction of pipeline of outdoor network and the construction and installation of a bag filter, all of which have been completed during the year.
Mr. Hu Yishi, Executive Chairman and Executive Director of Northern New Energy, said, "The fact that new energy business has become a major growth driver for the Group in just over a year tells us that our strategy in 2015 to develop the business is bearing fruit. With the nation determined to bolster development of the natural gas industry, the Beijing-Tianjin-Hubei region has become one of the key areas for the implementation of coal-to-natural gas conversion projects. Based in Tianjin, we are ready to capture the ample opportunities. We will continue to seek strong partners and suitable acquisition opportunities in a bid to accelerate the development pace of the new energy business and thereby enlarge our market share. Meanwhile, we plan to review and restructure our catering business and keep looking for investment opportunities with strong potential so as to gain a stable rental income source and deliver maximum returns to our shareholders."
Contact:
Strategic Financial Relations Limited
Keris Leung +852 2864 4863 keris.leung@sprg.com.hk
Fanny Yuen +852 2864 4853 fanny.yuen@sprg.com.hk
Jeffrey Tam +852 2864 4858 jeffrey.tam@sprg.com.hk
Topic: Press release summary
Source: Northern New Energy Holdings Limited
Sectors: Daily Finance, Energy, Alternatives, Daily News
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From the Asia Corporate News Network
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