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Market: OTCBB
Sector: Industrial Machinery
EPIC: NFEC
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NF Energy
www.nfenergy.com

NF Energy Saving Corporation (the “Company” or “NF Energy”), based in Shenyang, Liaoning Province, is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services for China’s electric power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries.

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NF Energy Q1 revenues jump 17% on higher product sales

18th May 2010, 12:58 pm
NF Energy Q1 revenues jump 17% on higher product sales

NF Energy Saving Corp (OTCBB: NFEC) said revenues in the quarter to 31 March rose 17% year on year to US$2.84 million after product sales jumped 20%, driven by demand for energy saving services and flow control equipment, which the company said was despite a “traditionally slow first quarter,” also projecting the growth to continue.


“With the Chinese government duly committed to supporting energy conservation, we anticipate that the growth of our flow-control equipment and services, and energy-saving projects will continue at an accelerated rate in the quarters ahead,” said President and Chief Executive of NF Energy Gang Li.


Gross profits for the quarter amounted to US$0.68 million, which was unchanged from the equivalent period of the previous year. Net income stood at $0.37 million, slightly lower than US$0.44 in Q1 2009. Net income per fully diluted share was unchanged at US$0.03 post 3:1 stock split. The company said that the decrease in net income was due to the additional non-cash interest expense attributable to the convertible note financing in first quarter of 2010.


NF Energy has projected its revenues to increase by at least 33% this year. The company told investors that it expects revenue for the fiscal year ending December 31 2010 to be between US$27 and US$30 million, equating to a 33% to 48% increase over the US$20.3 million achieved in 2009.


“Benefiting from the government incentive policies, there is now a new catalyst for continued growth for energy service industry companies and ESCOs. EMCA estimates that the energy service industry will achieve an output of RMB80 billion in 2010 and maintain a growth rate of 30%-40%,” commented Li.


Headquartered in Shenyang City, NF Energy provides energy conservation services and products, which utilize its specialist energy-saving equipment and technical services. The company has several proprietary energy saving technologies and patents, including flow control systems and wind turbine components.

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