Euro Tech Holdings Company Limited Reports 2023 Year-End Results
The Company had net income of
The Company's revenues for Fiscal 2023 were
Gross profits decreased by 16.4% to
Selling and administrative expenses decreased by 8.6% to approximately
Mr.
"In 2023, all COVID-19 related policies have been cancelled. However, the pace of economic recovery in
Despite these challenges in 2023, we managed to increase sales orders for Ballast Water Treatment Systems ("BWTS") from the maritime industry, and continue expanding our sales regions and deepening our sales networks in
In the upcoming days, we will anticipate a surge in the demand for smaller sized BWTS retrofits. We believe certain countries with small and medium sized ships will experience high growth in demand, especially since we have recently signed an agreement with
As for the industrial wastewater treatment business, we will continue to develop sales channels for the overseas market, especially in high growth industrial regions of
About BWTS
BWTS are an imminent requirement by
The company obtained type approval certificate from
The IMO convention stipulates that type approval for revised G8 requirements must be obtained for all BWTS installed on or after
Its ballast water port solution, HarborBallast, is a system installed in port to offer ballast water treatment services for ocean-going ships without their own BWTS and for those with damaged BWTS.
Forward Looking Statements
Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in
CONDENSED STATEMENTS OF OPERATIONS |
|||
(Dollar amounts in US$ thousands, except share and per share data) |
|||
|
|||
|
Year Ended |
||
|
2023 |
2022 |
|
Revenues |
17,940 |
14,949 |
|
|
|
|
|
Net Income Attributable to the Company |
1,828 |
369 |
|
|
|
|
|
Net Income Per Ordinary Share – Basic |
|
|
|
Weighted Average Number of Ordinary Shares Outstanding –Basic |
7,726,118 |
7,732,132 |
|
SELECTED BALANCE SHEET DATA |
|||
|
|||
|
As of |
||
|
2023 |
2022 |
|
Cash and Cash Equivalents |
5,453 |
5,628 |
|
Total Current Assets |
10,545 |
9,450 |
|
Total Assets |
22,120 |
19,363 |
|
Total Current Liabilities |
5,596 |
4,470 |
|
Total Liabilities |
5,640 |
4,557 |
|
Total Euro Tech Shareholders' Equity |
15,641 |
13,772 |
|
View original content:https://www.prnewswire.com/news-releases/euro-tech-holdings-company-limited-reports-2023-year-end-results-302132020.html
SOURCE