Key Developments: NF Energy Saving Corp (NFEC.OQ)
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20 May 2013
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Latest Key Developments (Source: Significant Developments)
NF Energy Saving Corp Lowers FY 2011 Guidance
NF Energy Saving Corp announced that for fiscal 2011, it now expects revenue will be approximately $15 million and net income will be approximately $2 million, which is a decrease of approximately 40% and 50% compared to fiscal 2010, respectively. In early fiscal 2011, based upon the assumption that the Company would obtain $15 million in financing, the Company projected that total revenue and the net profit in fiscal 2011 would be between $30 million to $32 million and $6 million to $6.5 million, respectively. Full Article
NF Energy Saving Corp Announces Recent Contracts
NF Energy Saving Corp announced that it has signed a series of contracts recently. NF Energy Saving Corp has won a contract to supply the water project of The South Main Canal of the South-to-North Water Transfer Project (SNWTP). The contract amount is RMB6.96 million. On this occasion the SNWTP has been invited bids for four sections, two of which (sections two and four) were awarded to NF Energy. The second section of the project will use 50 sets of the Company's DN200-3400 manual and electric butterfly valves and related accessories, and 16 sets of DN1600-3400 electric butterfly valves and accessories. The fourth section of the project will use 230 sets of DN200-300 air valves and butterfly valves. The delivery date for the project is expected to be September this year. NF Energy also won a project in Zhejiang province. This was a contract for equipment for the circulating water system, fluid control and electric butterfly valve flow control devices in the 2×1000MW ultra supercritical coal-fired unit project of Zhejiang Zhe Neng Six Heng power plant. The total amount of the contract is RMB7.5 million. The delivery date will be in August 2012. Zhejiang Zheneng Group is a key client of NF Energy and the Company, has previously provided flow control devices for a power plant project undertaken by its subsidiary, Zhejiang Zheneng Le Qing. Full Article
NF Energy Saving Corp No Longer Provides FY 2011 Guidance
NF Energy Saving Corp announced that with the capital markets in turmoil financing visibility is low. The Company will therefore no longer give guidance with respect to fiscal 2011. Full Article
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