Euro Tech Holdings Company Ltd (NASDAQ:CLWT) reported its latest full-year earnings results Tuesday, which sent the company’s shares skyrocketing early in the day.
The company announced that for fiscal 2017, it brought in revenue of roughly $17.35 million, which marks a 22.8% decrease approximately compared to its revenue of $22.48 million from the year-ago quarter. Euro Tech Holdings Company brought in a net profit of approximately $473,000 for the quarter.
The figure marks an increase of approximately 105% as compared to its year-ago net profit of $231,000, which helped to offset the company’s drop in revenues. This improvement can be primarily linked to the decrease in operating loss as a result of the increase in gross margin percentage, as well as the decrease in selling and administrative expenses, the decrease in income taxes expenses and contributions from affiliates, specifically Zhejiang Tianlan Environmental Protection Technology Co. Ltd.(“Blue Sky”), and Zhejiang Jia Huan Electronic Co. Ltd. (“Jia Huan“).
Euro Tech Holdings Company said its positive about its Ballast Water business as it has recently obtained the Certificate of Utility Model Patent for its handheld ballast water checker in China, as well as the type approval certificate from China’s Classification Society for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour Ballast Water Treatment Systems (“BWTS”) and Alternate Management Systems (“AMS”) acceptance for its full range BWTS.
CLWT stock was skyrocketing about 38.3% on Tuesday.
