HONG KONG, Jan 29, 2016 - (ACN Newswire) - Northern New Energy Holdings Limited ("Northern New Energy" / the "Group;" stock code: 8246) has today announced a positive profit alert.
Based on information currently available, Northern New Energy is expected to record a net profit for the year ended 31 December 2015 as opposed to a net loss for the year ended 31 December 2014, mainly attributable to (i) a decrease in the unaudited consolidated loss attributable to the Group's restaurant operation business in comparison with last year as a result of effective cost reduction and control measures; and (ii) a substantial increase in total revenue and profit of the Group as compared to last year mainly generated by the Group's new income stream from its new energy development business since the last quarter of 2015.
Mr. Hu Yishi, Executive Chairman and Executive Director of Northern New Energy said, "The anticipated turnaround of the Group for the year of 2015 serves as great encouragement to both the Group and its shareholders. Despite the challenging business environment, Northern New Energy has seized new opportunities. In view of the call for greener energy around the globe, the Group strongly believes that the demand for new energy development in the future will be enormous and has therefore decided to focus its resources on developing new energy related businesses. The positive contribution from the new energy business is a vivid validation of our change in business strategy. We are confident we can further drive our new energy business and the management is positive about the Group's long-term prospects."
About Northern New Energy Holdings Limited
Northern New Energy Holdings Limited ("Northern New Energy") formerly known as Noble House (China) Holdings Limited, is a company listed on the GEM Board of the Hong Kong Stock Exchange since 2011 (stock code: 8246). In 2015, the Group has established a joint venture company Hua Xia Northern New Energy Technology Development (Tianjin) Limited with an independent third party, and began its business in the development of new energy, R&D of related technologies and construction engineering. The Group is also engaged in the operation of restaurants, provision of management services, and sale of processed food. In 2015, the Group has further diversified its business into property investment.
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Jan 29, 2016 18:10 HKT/SGT
Source: Northern New Energy Holdings Limited
Topic: Press release summary
Sectors: Daily Finance, Energy, Daily News
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