Euro Tech Holdings Company Limited, BVI-incorporated company headquartered in Hong Kong and focused on wastewater engineering projects, announced its unaudited financial results for the six months period ended June 30, 2012. In this period, BVI company’s revenues were approximately US$8,963,000, as compared to approximately US$9,554,000 for the same period ended June 30, 2011. The reason for 6.2% decrease in revenues is unfavourable economic situation connected to the slowdown in China’s economic growth and to the European debt crisis.
In the first half of 2012, gross profits of the company were approximately US$2,648,000, as compared to approximately US$2,378,000 for the same period of the previous year. The gross profits increase is mainly due to the improvement in pricing and cost control. Selling and administrative expenses increased to approximately US$2,813,000 in the reported period, from approximately US$2,794,000 in the first half of 2011.
Euro Tech Holdings reported net loss in the amount of approximately US$120,000, as compared to net income of approximately US$12,000 in the first six months of 2011.
The company expects the rise of its business to take place in the second half of 2013. For the past two and half years, it has been investing a lot of resources in developing its Ballast Water Treatment Systems (BWTS) for the global market, and now it is expected that this business will earn significant income for the company. Also, Euro Tech will focus more on projects outside of China, because of keener competition from local contractors in China.