China Recycling Energy (CREG), a provider of industrial waste-to-energy solutions in China, has recorded 169 percent increase in net come in fourth quarter of 2013– $4.21 million as compared to $1.57 million of fourth quarter of 2012.
Total sales increased $12.98 million as compared to the fourth quarter of 2012.
During the quarter the company has completed and sold Jilin waste heat power generation project.
For the full year 2013, net income increased by 359 percent to $15.63 million as compared to $3.41 million for the year ended December 31, 2012.
Total sales increased $61.95 million, as compared to $1.25 million for the year ended December 31, 2012.
During this period, the company completed two biomass power generation systems, two BPRT systems and one waste heat power generation system.
Commenting on the significant increase in net income, Guohua Ku, chairman and CEO of CREG, said, “All our projects operated well and generated constant cash flow. During this year we further strengthened our operations and increased operational efficiencies, while maintaining our fiscal discipline and cost controls.”
Ku added currently the company has fifteen operating systems and a series of potential projects which will bring our company great growth in the future.
“We currently have 15 waste-to-energy systems in operation and 4 projects under construction,” Ku added, “As more projects are completed, the trend of increasing interest income from sales type leases will continue to grow.”
Gross profit was $15.35 million for the year ended December 31, 2013 compared to $1.25 million for the year ended December 31, 2012, a blended gross margin of 24 percent and 100 percent for the year ended December 31, 2013 and 2012, respectively.
Sales of systems mainly contributed for the increase. Of the total sales, sales of systems for the year ended December 31, 2013 were $62.01 million, as compared to $0 for the year ended December 31, 2012, an increase of $62.01 million.