NF Energy expects 2009 earnings to soar 250% as revenues climb 28%

NF Energy Saving Corporation (OTCBB: NFEC) anticipates its 2009 full year revenues to rise 28% year-on-year to US$20-21 million, while earnings per share are expected to soar 250% to US$0.35 with more growth eyed in 2010.

The company did not recognize US$3 million in additional revenues as some client projects have been delayed to the first quarter of 2010.

“Although there were significant changes in the economy during the 2008 and 2009 time frame, which had an impact on the types of projects to which we provided products and services, the Company still experienced strong growth year over year,” said Chairman and Chief Executive of NF Energy Gang Li.

The company expects further growth in 2010 due to the ongoing global economic recovery and expansion of the Chinese economy, as well as the Chinese government’s expansion of environment protection policies and continued investment in and encouragement of infrastructure projects.

“Management believes there are many opportunities for expanding of the product and service offerings of the business and 2010 will reflect continued growth for the company,” added Li.

Last month, the company was recognized as one of the top Chinese energy service companies with the “2009 Top 20 ESCO in China” award, presented to the company at the China ESCO Industry Annual Meeting & China Energy Forum held in Beijing.

Last month, NF Energy won bidding on Phase III of a large ultra-supercritical coal power plant in Zhejiang province.  It will supply 6 sets of DN2200 fluid-control butterfly valve to the project, and expects to recognize revenue from the deal of US$550,000 in the third quarter of 2010.

http://www.proactiveinvestors.co.uk/companies/news/13795/nf-energy-expects-2009-earnings-to-soar-250-as-revenues-climb-28-13795.html