February 11 (Renewables Now) - Chinese ethanol production technology firm China New Energy Ltd (LON:CNEL) does not expect the Coronavirus outbreak to have a significant financial impact on its business in 2020.
The company’s office and factory usually close for two weeks during the Chinese New Year holiday. This February, the factory will remain closed for five additional days, as requested by the authorities. CNEL said in an update on February 11 that it expects to be able to compensate for this in the current quarter.
As regards to office-related business activities, the Coronavirus’ impact will be minimal as employees are working from home, the company added.
On January 30, CNEL donated 5 tonnes of medical-grade alcohol containing 75% ethanol produced by its customers to 17 hospitals in China to help with the eradication of the coronavirus.
China New Energy expects to report higher revenues for the second half of 2019 when it publishes its audited financial report later this quarter.