Monthly Archives: January 2013

Euro Tech reported interim results for period ended June 30 2012

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.

Global-Tech Advance Innovations reported results for second quarter of fiscal 2013

BVI-registered company Global-Tech Advanced Innovations Inc. announced its financial results for the second quarter of fiscal 2013 period ended September 30, 2012. For the reported period, company’s net sales were $26.0 million – approximately 40% increase when compared to $18.5 million for the same quarter of fiscal 2012. Net income for the second quarter of fiscal 2013 was $0.2 million, or $0.07 per share, compared to a net income of $1.2 million, or $0.39 per share, for the second quarter of fiscal 2012.

For the six months period ended September 30, 2012, net sales were $46.5 million – that is approximately 46% higher than for the first six months of fiscal 2013. Net income for six month period was $0.03 million, or $0.08 per share, compared to a net loss of $0.4 million, or $0.13 per share, for the first half of fiscal 2012.

John C.K. Sham, CEO and President of Global-Tech, in his comments specially noted the 49% increase of electronic components business of the BVI company in the second quarter of fiscal 2013, compared to the same period of fiscal 2012. He also said that, following the discontinuation of company’s home appliance business, their overall business is mostly focused on the Chinese market.

Global-Tech Advanced Innovations Inc. is a holding company, owning subsidiaries that manufacture and market a diversified portfolio of products, such as complementary metal oxide semiconductor (CMOS) and camera modules (CCMs). The primary focus of its subsidiaries is to develop and market high-quality products for the communications industry in China and export them to markets in North America, Europe, and other countries.