BVI-registered Euro Tech Holdings Company Limited (CLWT) announced its unaudited financial results for the six months period ended June 30, 2016. For this period BVI company’s revenues were approximately US$10.469,000, which is 26.5% higher if compared to approximately US$8,273,000 revenues for the same period ended June 30, 2015. This is primarily due to the increase in revenues from trading and engineering activities of US1,367,000 and US$829,000, respectively.
Gross profits of Euro Tech Holdings were approximately US$1,929,000 for the first half of 2016 (US$1,857,000 for 1H 2015). There was a decrease in selling and administrative expenses by approximately US$189,000, in the reported period these were US$2,814,000. Profit contribution from the affiliate companies in the first half of this year was approximately US$68,000, as compared to negative contribution of US$138,000 for the first half of 2015.
The net loss of the BVI company was approximately US$484,000 for 1H 2016 (US$662,000 for 1H 2015), due to increase in revenue, decrease in selling and administrative expenses, and profit contribution from the affiliates, despite the decrease in other income due to exchange loss.