SHENYANG, China, Nov. 14, 2013 /PRNewswire/ -- NF Energy Saving Corporation. (NASDAQ: NFEC) ("NF Energy" or the "Company"), a leading energy saving services and solutions provider for China's power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries, today reported financial results for the three and nine months ended September 30, 2013.
2013 Third Quarter Results Highlight:
- Total revenues were $1.33 million and $4.11 million for the three and nine months ended September 30, 2013, respectively.
- Gross profit was $0.42 million and $1.26 million for the three and nine months ended September 30, 2013, respectively.
- Net (loss) income was ($25,262) and $36,520 for the three and nine months ended September 30, 2013, respectively.
The Company terminated two export contracts derived from South Korea customers because of their low profit margins due to the fluctuations in the market and the Company also terminated other contracts with lower profit margins in order to improve the financial condition of the Company. Revenues for the quarter decreased as compared with the corresponding period in 2012, but the Company increased sales of its large diameter electric butterfly product, which have a higher profit margin than the Company's other products. Therefore, gross profit increased as compared with the corresponding period in 2012.
Along with attention given to the Energy conservation and environmental protection industry by the Chinese government, the Company enhanced and expanded sales efforts in certain industrial fields, including electric power, metallurgy, petrochemical, building materials etc. Currently, the Company secured three projects from Shenyang Forging Industry Ltd., including a cement grinding slag & dust collector project and a coal mill dust collector pre-heater bag dust collector retrofitting project. Meanwhile, in order to generate additional revenues, the Company is looking for the strategic parties that could cooperate with or form a joint venture with the Company in an overseas project.