China Recycling Energy posts total sales of $21.74 million in 3Q 2013

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China Recycling Energy has reported total sales of $21.74 million in the third quarter of 2013, an increase of 21.26 million as compared to $0.48 million for the third quarter of 2012.

Income from operations was $10.46 million, an increase of 108 percent compared to $5.03 million for the third quarter of 2012.

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The net income is 4.39 million, while it was a net loss of 1.41 million in the third quarter of 2012.

Net income for the three months ended September 30, 2013 was $4.39 million compared to net loss of $1.41 million for the comparable period of 2012, an increase of $5.80 million.

This increase in net income was mainly due to the increased sales, interest income on sales-type leases, and decreased non-operating expenses compared with the comparable period of 2012.

Total sales, including system sales and contingent rental income, for the nine months ended September 30, 2013 was $49.99 million while total sales for the comparable period of 2012 was $1.03 million, an increase of $48.96 million.

“As we completed two 3 MW BPRT systems of Shanxi Datong project and the 12 MW BMPG system of Pucheng Phase II project, we now have 15 systems completed in total,” said Guohua Ku, chairman and chief executive officer of China Recycling Energy.

China Recycling Energy is seeking cooperation with companies across China and developing economic financing methods. The company will expand its recycling energy market and reward its shareholders with consistent and growing profits.

While developing new projects, the company focuses on the development and improvement of recycling energy technology, applying new technology to their existing projects and developing more projects, Ku added.

During the three months ended September 30, 2013, the Pucheng Biomass Phase II project was completed and sold. In the comparable period of 2012, none of the Company’s power generation systems were completed and sold.

The increase was primarily due to the Shenqiu Phase II project, the Shanxi Datong Phase I project and the Pucheng Biomass Phase II project being completed and sold in 2013; in comparison, no power generation system was completed and sold in 2012.

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