Euro Tech Holdings Company Limited Reports 2016 Year-End Results

HONG KONG, April 26, 2017 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2016 ("Fiscal 2016").

The Company's revenues for Fiscal 2016 were approximately $22,478,000, an approximate 22.8% increase compared to approximately $18,302,000 in the Company's fiscal year ended December 31, 2015 ("Fiscal 2015").

The Company had net profit of approximately US$231,000 in Fiscal 2016 as compared to net loss of approximately US$616,000 in Fiscal 2015. This was primarily due to increase in revenue, decrease in selling and administrative expenses and increase in profit contribution from affiliates. 

Mr. T.C. Leung, Chairman and CEO of the company commented, "Air pollution control business from our affiliates made great contribution for the Company in Fiscal 2016, and hope our Ballast Water Treatment Systems ("BWTS") business will make the same in future as Ballast Water Management Convention ("BWMC") will enter into force in September this year."

About BWTS

BWTS are an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going vessels when their ballast water tanks are emptied or refilled. In 2012, ballast water discharge standard became a law in the US. Any vessel constructed in December 2013 or later will need to comply when entering US waters, and existing vessels will follow shortly after. IMO requires that the BWMC will enter into force on September 8, 2017 after ratification by 52 States, representing 35.1441% of world merchant shipping tonnage. The market potential for retrofits and new installations of BWTS in these old and new ocean-going vessels is enormous.

The company obtained type approval certificate from China's Classification Society for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour BWTS in May 2016. Alternate Management Systems ('AMS") acceptance for its full range BWTS was obtained in October 2016.

About AMS

AMS acceptance by the U.S. Coast Guard is a temporary designation given to BWTS approved by a foreign administration. It enables BWTS to be used on vessels for a period of up to 5 years, while the treatment system undergoes approval testing to U.S. Coast Guard standards.

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 Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2016.

SOURCE Euro Tech Holdings Company Limited

Related Links

http://www.euro-tech.com