Results expected any day20 Sep 2018 11:07
from last results.. The gross profit for the year was RMB73.6 million (c. £8.4 million) up 175% from a gross profit of RMB26.8 million (c. £3.0 million). For the year 2017, the group recorded a profit of RMB30.1 million (c. £3.4 million) up 734% from a profit of RMB3.6 million (c. £0.4 million) substantially improving on a solid performance in 2016.
We entered 2018 with a strong order book of RMB63.7 million (c. £7.3 million), which includes the balance
of started but not completed contracts from 2017. We continue to believe the change of policy in China to increase the production of fuel ethanol will drive sales opportunities for a significant number of new ethanol projects in China over the next 5 years. As a market leader, that has contributed technology and services to 60% of China’s ethanol projects, CNE is ideally positioned to capitalise upon this market growth opportunity.
I am optimistic about the Group’s prospects in 2018 and beyond. The positive change of fuel ethanol policy in China, combined with the development of new international markets and the emergence of new technology via in-house and partnerships has resulted in a strong platform from which to develop further growth. Consequently, I believe the outlook is for profitability.
On behalf of the Board, I would like to extend my appreciation to our valued shareholders, supportive business partners and associates, insightful management and dedicated staff for all their contribution and commitment towards the Company. I would also like to thank the Board of Directors for their invaluable counsel in steering the Group through this exciting time.
Awaiting next results - (last year released 19 Sep 2017)
good luck all
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