Northern New Energy Announces 2017 Interim Results

Aug 11, 2017 23:28 JST

Source: Northern New Energy Holdings Limited

Aspires to Become an Integrated New Energy Enterprise;
Expands to Provide a Comprehensive Scope of Services and Enrich Income Sources

HONG KONG, Aug 11, 2017 - (ACN Newswire) - Northern New Energy Holdings Limited ("Northern New Energy" / the "Group;" stock code: 8246) has today announced its interim results for the six months ended 30 June 2017. During the period under review, the Group has actively strengthened the integrated capabilities of its New energy business team to be fully prepared for the peak season in the second half of the year.

During the period under review, the revenue of the Group amounted to RMB56.5 million (Corresponding period in 2016: RMB 61.2 million). The decrease was mainly attributable to the decrease in revenue from the Catering business. Net profit and total comprehensive income attributable to the owners of the Company amounted to RMB2.0 million (Corresponding period in 2016: net profit and total comprehensive income attributable to the owners of the Company of RMB18.0 million). The basic and diluted earnings per share were both RMB0.1 cents (Corresponding period in 2016: basic and diluted earnings per share of RMB0.5 cents).

In 2017, the New energy business remains as the Group's core development focus and as its key driver, and the Group hopes to scale new heights. Leveraging its technological advantages and professional services, the Group has completed several technical service contracts in Tianjin. In the first quarter, the Group completed LNG-based energy conversion solution and low-carbon heating energy supply solution that complies with government environmental protection requirements. Northern New Energy has also completed several contracts for the de-nitrification of coal-fired boilers in the second quarter. These projects have bolstered the Group's reputation in Tianjin across the industry.

Looking ahead, with opportunities presented by favorable government policies that can bolster the New energy industry, the Group will continue to cultivate this business segment with immense potential and expand the business model from its Tianjin base to adjacent regions in northern China. To support sustainable and long term growth of the New energy business, the Group plans to actively cooperate with competent partners to enlarge the customer base and market share, thereby boosting revenue and profitability. In addition, the management will also bolster its efforts in seeking potential acquisition opportunities and allocate more resources as planned to the New energy business to consolidate the Group's strengths as Northern New Energy aspires to develop into a dynamic integrated new energy enterprise. Through bringing in LNG conversion facilities such as gasification stations, the Group can expand its service scope from offering engineering services to covering production, thereby providing a comprehensive scope of services, to enrich its income sources and thereby create greater value for shareholders.

Northern New Energy Holdings Limited
Northern New Energy Holdings Limited ("Northern New Energy") formerly known as Noble House (China) Holdings Limited, is a company listed on the GEM Board of the Hong Kong Stock Exchange since 2011 (stock code: 8246). In 2015, the Group began its business in the development of new energy, R&D of related technologies and construction engineering. The Group is also engaged in the operation of restaurants, provision of management services, and sale of processed food and seafood. In 2015, the Group has further diversified its business into property investment.

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Source: Northern New Energy Holdings Limited
Sectors: Daily Finance, Daily News