China Energy Recovery Inc. (OTCBB: CGYV) engages in energy recovery systems with a focus on the Chinese market. The company captures industrial waste energy and uses it to generate low-cost electrical power, enabling companies to lower energy costs and reduce their carbon footprint. China Energy today announced its financial results for the nine months and third fiscal quarter ended September 30, 2008.
“We announced last quarter that our company has been producing new products at an accelerated rate, and we’re pleased to see that at this point in time China Energy Recovery is setting historical records for that growth,” China Energy CEO Qinghuan Wu stated in the press release.
For the three-month period the company posted revenue increase of 56.7 percent to $6.1 million, as compared to $3.9 million reported in the same period of 2007. Gross profit rose to $1.6 million from $0.1 million, an astounding 1,099.4 percent increase, fueled by contracts with higher margins. Net income for the quarter rose to $0.2 million, as compared to a net loss of $0.1 million for the same period in 2007; the company attributes this to new contracts and improved operations.
For the nine months ended September 30, 2008, revenue rose 112 percent to $16.0 million, up from $7.5 million for the same nine months of 2007. Gross profit increased by 411.4 percent to $3.5 million, as compared with gross profit of $0.7 million for the same period in 2007. Net income increased to $0.8 million, as compared to a net loss of $0.2 million for the same period in 2007.
Wu said the company’s financial results reflect several new contracts and increased market demand, and that the company anticipates continued growth through next year.
“With contracts continuing to come in including some of our biggest systems to date, and with clients who represent some of the largest manufacturers in their industries, we expect that we’ll continue on this trajectory of growth and expansion into 2009 and beyond,” Wu stated.
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