Euro Tech Holdings revenues up for first half of 2014.
BANKING AND CREDIT NEWS-December 30, 2014-Euro Tech Holdings revenues up for first half of 2014
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Euro Tech Holdings Company Limited (NASDAQ: CLWT) reported its revenues for the six months ended June 30, 2014 were approximately USD9,863,000, a 4.9 percent increase as compared to approximately USD9,400,000 for the six months ended June 30, 2013.
The company said the increase was primarily attributable to the increase in revenues from trading and manufacturing activities.
Gross profits decreased by 9.1 percent to approximately USD2,358,000 compared to approximately USD2,593,000 for the first half of 2013. The decrease was mainly due to a lowering of gross margin from engineering activities as a result of keen price competition under the current economic conditions.
Selling and administrative expenses increased to USD2,871,000 for the half year as compared to approximately USD2,764,000 for the first half of 2013. The increase was primarily due to the increase in development costs of for ballast water treatment systems (BWTS) to approximately USD283,000 in 2014 as compared to approximately USD137,000 for 2013's first six months.
The net loss decreased by USD4,000 to approximately USD142,000, compared to approximately USD146,000 the previous six-month period. This was primarily due to increase in profit contribution of approximately US$161,000 from the affiliates. If the development costs for BWTS were excluded, it was a breakeven position.
BWTS are an imminent requirement by the International Maritime Organization 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.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Dec 30, 2014|
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