China Recycling Energy Corp
CREG is a recycling energy solution company engaged in the development, investment, construction and operation of recovered energy power plants for a wide variety of industrial processes, such as steel mills, cement factories, coke and petrochemical plants in China. Utilizing our fuel-free TRT, CHPG, WGPG or CCPP system, CREG provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts, such as heat, steam, pressure, and exhaust, to generate electricity that can be used on-site or sold to the state power grid.
China Recycling Energy ups full year net income and revenue guidance
China Recycling Energy (OTC: CREG) reported impressive third quarter (three months ended September 30, 2009) results today and gave investors an added bonus in the form of increased earnings and revenue guidance for the full year.
Headline numbers released today included a 333% increase in third quarter revenues to US$18.4 million and 1045% surge in third quarter net income to US$3.8 million. Full diluted earnings per share (EPS) rose 676% to 8 cents.
For the nine months ended September 30, 2009, CREG had total revenue of $33.9 million, a 393% increase from the $6.9 million in revenue recorded in the same period of 2008. Of the total revenue, product sales revenue was $27.9 million and rental income from operational leases was $5.9 million. In the same period of 2008, CREG had rental income of $6.9 million.
China Recycling Energy provides energy solutions to a range of industries in China, including cement factories, coke plants and steel mills.
"We are very pleased to announce a record quarter for CREG, based on a combination of product sales, delivery of systems servicing a new customer and increasing recurring revenues from our portfolio of existing waste-energy recovery projects," Mr. Guohua Ku, Chairman and CEO of CREG, said. "This quarter we have both expanded the scope of our business industry sector as well as taken on larger projects. We are fully confident that we will continue to be a leader in build, operate and transfer (BOT) energy recovery projects in China and will deliver increasing value to our customers and shareholders."
As a result of the solid sales revenues and revenues from interest income and sales leasing, China Recycling upped its full year revenues guidance to US$38-40 million and net income of US$10 million.
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