HONG KONG, Apr 26, 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 first three months ended 31 March 2016 as opposed to a net loss for the first three months ended 31 March 2015, mainly attributable to (i) a decrease in the unaudited consolidated loss attributable to the Group's catering business in comparison with the same period last year as a result of effective cost reduction and control measures plus having adopted an optimized business model; and (ii) an increase in total revenue and resulting profit of the Group as compared to the same period last year mainly generated from the Group's new stream of income from its new energy development business since the last quarter of 2015. While the first quarter of the year is traditionally the slow season for the new energy business, the Group is pleased to have recorded such a positive result.
Mr. Hu Yishi, Executive Chairman and Executive Director of Northern New Energy said, "In view of the increasing demand for greener energy, the Group has actively seized the available market opportunities thanks to the shift of its business development focus to new energy since the second half of 2015. Motivated by the great success of achieving a turnaround for the year of 2015, the Group has continued to develop the new energy business. This can be seen in the satisfactory progress in several coal-to-natural gas conversion heating projects in Tianjin. It is truly encouraging to see the ongoing positive contribution of the new energy business to the Group as it further validates our new strategic business direction. With the success of the new energy business, we are more confident about the long-term prospects of the Group."
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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Apr 26, 2016 18:51 HKT/SGT
Source: Northern New Energy Holdings Limited
Topic: Press release summary
Sectors: Daily Finance, Daily News
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