Euro Tech Holdings Company Limited (NASDAQ: CLWT) shares rose after reporting 2017 year-end results.
The Company's revenues for Fiscal 2017 were approximately $17,350,000, an approximate 22.8% decrease compared to approximately $22,478,000 in the Company's fiscal year ended December 31, 2016
The Company had net profit of approximately $473,000 U.S. in Fiscal 2017, an increase of 105% as compared to approximately $231,000 U.S. in Fiscal 2016, despite the drop in revenues.
This was primarily due to decrease in operating loss as a result of increase in gross margin % and decrease in selling and administrative expenses, decrease in income taxes expenses and contributions from affiliates, namely Zhejiang Tianlan Environmental Protection Technology Co. Ltd., and Zhejiang Jia Huan Electronic Co. Ltd.
The Company is positive about the Ballast Water business as it has recently obtained the Certificate of Utility Model Patent for its handheld ballast water checker in China in addition to the type approval certificate from China's Classification Society for its 200, 300, 500, 750, 1,200 and 1,250 Cubic Meters per hour Ballast Water Treatment Systems and Alternate Management Systems acceptance for its full range BWTS.
Moreover, the Company has received a PRC government grant of approximately $425,000 U.S. to provide a BWTS for a R&D project for the ballast water treatment at ports.
Euro Tech shares vaulted $1.30, or 40.7%, to $4.48 early Tuesday morning.
