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Thursday, 11 May 2017, 19:49 HKT/SGT

Source: Northern New Energy Holdings Limited
Northern New Energy Announces 2017 First Quarter Results
Strives to Acquire Potential New Energy Enterprise to Consolidate the Group's Strengths

HONG KONG, May 11, 2017 - (ACN Newswire) - Northern New Energy Holdings Limited ("Northern New Energy" / the "Group;" stock code: 8246) has today announced its first quarter results for the three months ended 31 March 2017. Building on the strong momentum gathered in 2016, the Group continued to take New Energy Business as its development focus in the first quarter of 2017 and made satisfactory progress. New Energy Business recorded a notable increase in revenue, rose by 25% comparing to the corresponding period of last year and becomes its major source of profit for the period.

For the three months ended 31 March 2017, revenue of the Group amounted to RMB22.0 million (Corresponding period in 2016: RMB 24.3 million). The decrease was mainly due to a decline in revenue of Catering Business during the Current Period. Basic earnings per share were RMB 0.01 cents (Corresponding period in 2016: RMB 0.07 cents).

During the period under review, the Group sought to capture the tremendous business opportunities in New Energy Business, and at the same time, the Group has been exploring opportunities to cooperate with different parties with the aim of broadening its income source. Boasting its technological advantages and outstanding professional services, the Group completed several service contracts smoothly in Tianjin region, including contracts for technical services in relation to LNG-based energy conversion solution and low-carbon heating energy supply solution that complies with government environmental protection requirements, etc. These projects brought important revenue and profit to the Group in the first quarter and also bolstered the reputation of Northern New Energy. The Group looks forward to serving more customers in other regions in the future. Although the first half of the year is usually the low season for the industry, the Group used the period to enhance its teams by way of recruiting new staff, thus enabling us to seize greater opportunities ahead. In addition, the Group applied for tax concessions from relevant departments in Tianjin as the Group believes that it complies with applicable requirements, which will create a positive effect on the Group.

Looking ahead, on the back of favorable national policies supporting the new energy industry, the Group will continue to step up efforts to tap the new energy segment with immense potential and expand our business mode to surrounding regions of Tianjin base. The Group will continue to actively identify and cooperate with competent partners to enlarge our customer base, market share and thus revenue. The management will also exert its best in seeking potential acquisition opportunities, which including looking for acquisition targets among enterprises which own quality LNG pipelines, storage tanks and related systems. Such moves will enable us to fully realize the growth potential of New Energy Business. As for Catering Business, the Group will strive to restructure the business to improve its performance. Regarding property investment, the Group will continue to grab investment opportunities that promise to generate good returns, thereby secure for it a stable rental income source to aid its quest to create greater shareholder value.

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 and seafood. In 2015, the Group has further diversified its business into property investment.

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May 11, 2017 19:49 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Energy, Daily News
From the Asia Corporate News Network

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