ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
May 11, 2018 20:59 JST
Source:
Northern New Energy Holdings Limited
Northern New Energy Announces 2018 First Quarter Results
Satisfactory New Energy Business Performance Drives Net Profit Up by 658.3% Year-on-Year
HONG KONG, May 11, 2018 - (ACN Newswire) - Northern New Energy Holdings Limited ("Northern New Energy" / the "Group"; stock code: 8246) today announced its first quarter results for the three months ended 31 March 2018. The Group continued to implement its dual-track development strategy and strived for diversification and professional development of its business segments. It strengthened its Catering Business and at the same time actively expanded New Energy Business. The latter delivered satisfactory performance in the first quarter of 2018, bolstering the Group's overall performance, with income up by 164.7% year-on-year and net profit after taxation rocketed by 658.3% against the last corresponding period.
In the first quarter of 2018, revenue of the Group amounted to RMB58.2 million (corresponding period in 2017: RMB22 million) and profit and total comprehensive income for the period was RMB5.1 million (corresponding period in 2017: RMB0.7 million). Basic earnings per share were RMB0.09 cents (corresponding period in 2017: RMB 0.01 cents).
The Group continued to provide diverse integrated new energy services in Tianjin during the period. With professional expertise and affording high quality services, the Group provided technological development and consultancy services in relation to heat supply and coal-to-natural gas conversion solutions to customers in Tianjin and completed contracts for construction of outdoor pipe network. It also traded new energy related industrial products. These projects generated significant revenues and profits for the Group in the first quarter.
The Group also embarked on acquisitions and mergers to expand its business scope and enhance the quality of its business. In February this year, it acquired 81.8% registered capital of Tianjin Jin Re Natural Gas Sales Company Limited ("Tianjin Jin Re Natural Gas") and the project is expected to present the Group with a new income stream in 2018. Tianjin Jin Re Natural Gas is principally engaged in sale of natural gas; gas pipeline engineering; sale, installation and maintenance of gas transmission equipment; development, consultation, service and transfer of heat supply technology; development of new energy technology; leasing and commercial services industry; installation of electric and mechanical equipment; and centralized urban heat supply service.
Looking ahead, capitalizing on the support of favorable national policies such as the "Clean Winter Heating Plan for Northern China (2017-2021)", Northern New Energy will focus on developing and strengthening the new energy segment with unlimited potential. The Group will extend the coverage of its New Energy Business to other regions in northern China, while continuing to expand its customer base and market share in Tianjin.
Subsequent to the period under review, the Group signed a cooperation framework agreement with Tractebel Engineering S.A., one of the world's largest engineering and consultancy companies, and Tianjin Jinre Heat-Supply Group Co. Ltd, a key heat-supply enterprise in Tianjin, on cooperation in such areas as coal-to-natural gas conversion heating projects, heating facilities and networks, energy efficiency management and construction of gas storage facilities. The partners will submit a feasible proposal to relevant government agencies as soon as possible in the hope that related construction can commence this year. The project will generate new income for the Group, allowing it to upgrade its professional technologies thus move closer towards the goal of becoming a provider of diverse integrated new energy services and leading Northern New Energy to advance and reach a new milestone.
As for Catering Business, the Group will adjust related business strategy to boost the profitability of the business. Regarding Property Investment, the Group will continue to identify premium investment projects for securing stable rental income and bringing better investment returns to shareholders.
Northern New Energy Holdings Limited
Northern New Energy Holdings Limited formerly known as Noble House (China) Holdings Limited, is a company listed on the GEM of the Hong Kong Stock Exchange since 2011 (stock code: 8246). In 2015, the Group began to develop new energy operations and R&D of related technologies, plus construction engineering business. The Group also operates restaurants, provides management services, and sells processed food and seafood. Also in 2015, the Group further diversified its business to cover also property investment.
Media enquiries
Strategic Financial Relations Limited
Keris Leung +852 2864 4863
keris.leung@sprg.com.hk
Fanny Yuen +852 2864 4853
fanny.yuen@sprg.com.hk
Boni Liu +852 2864 4870
boni.liu@sprg.com.hk
Source: Northern New Energy Holdings Limited
Sectors: Daily Finance, Energy, Alternatives, Daily News
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Latest Release
Fujitsu SX Survey reveals key success factors for sustainability
Apr 23, 2024 10:25 JST
Fujitsu and METRON collaborate to drive ESG success: slashing energy costs, boosting productivity with new manufacturing industry solutions
Apr 22, 2024 16:09 JST
NEC Strengthens Commitment to Space Industry with Investment in Seraphim Space Venture Fund II
Apr 22, 2024 15:09 JST
Soft Space Launches the First and Only JCB Payment Gateway in Malaysia
Apr 22, 2024 15:00 JST
TOYOTA GAZOO Racing takes a one-two in Croatian thriller
Apr 22, 2024 10:47 JST
First-ever Mazda CX-80 Crossover SUV Unveiled in Europe
Apr 19, 2024 13:50 JST
Fujitsu develops technology to convert corporate digital identity credentials, enabling participation of non-European companies in European data spaces
Apr 19, 2024 10:17 JST
Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas
Apr 18, 2024 17:01 JST
Toyota Launches All-New Land Cruiser "250" Series in Japan
Apr 18, 2024 13:39 JST
Fujitsu and Oracle collaborate to deliver sovereign cloud and AI capabilities in Japan
Apr 18, 2024 11:14 JST
Eisai: Research on Treatments for Alzheimer's Disease Based on Its Pathological Mechanisms Recieves Award for Science and Technology (Research Category)
Apr 18, 2024 10:53 JST
All-New Triton Confirmed as First Double-Cab Pickup Truck to Achieve 2024 Five-Star ANCAP Safety Rating
Apr 18, 2024 09:22 JST
Eisai's Antiepileptic Drug Fycompa Injection Formulation Launched In Japan
Apr 17, 2024 16:17 JST
Honda Unveils Next-generation EV Series for China
Apr 17, 2024 12:15 JST
Lexus presents Time at the 2024 Milan Design Week
Apr 16, 2024 18:49 JST
Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA
Apr 16, 2024 14:36 JST
New circuit challenge for TOYOTA GAZOO Racing
Apr 15, 2024 17:21 JST
TOYOTA GAZOO Racing back on asphalt for Croatian challenge
Apr 12, 2024 19:36 JST
Heidelberg Materials North America Announces Latest Milestone in Edmonton CCUS Project
Apr 12, 2024 14:39 JST
MHIAEL Completes Expansion of the its Nagasaki Plant for Manufacture of Aero Engine Combustors
Apr 11, 2024 18:08 JST
More Latest Release >>
Related Release
Northern New Energy Holdings Limited Announces Interim Results
August 11 2018 15:20 JST
Northern New Energy Holdings Limited Proposes to Change the English Name to "Zhonghua Gas Holdings Limited"
July 17 2018 14:09 JST
Northern New Energy Signs Cooperation Framework Agreement with Leading French Engineering Consultancy Tractebel and Jinre Group
April 13 2018 23:15 JST
Northern New Energy Signs Cooperation Framework Agreement
April 11 2018 19:00 JST
Northern New Energy Announces 2017 Annual Results
March 16 2018 22:21 JST
Northern New Energy Acquires Tianjin Jin Re Natural Gas
January 05 2018 22:06 JST
Northern New Energy Signs Memorandum of Understanding
November 17 2017 19:27 JST
Northern New Energy Announces 2017 Third Quarter Results
November 10 2017 21:16 JST
Northern New Energy Announces 2017 Interim Results
August 11 2017 22:28 JST
Northern New Energy Re-classified as "New Energy Materials" under HSICS
June 05 2017 12:55 JST
More Press release >>