China Recycling Energy's net profit drops in Q2 2011
Aug 16, 2011 - Waste-to-energy solutions provider China Recycling Energy Corp (NASDAQ:CREG) yesterday posted a second-quarter net profit of USD 3.7 million (EUR 2.6m), down 26.6% on the year as system sales plunged.
However, interest income on sales-type leases of systems rose 65.4% to USD 5.49 million.
Revenue from sales of systems decreased to USD 365,000 from USD 22.54 million because the company had no system completed and sold during the period.
For the entire first half of the year, net profit grew to USD 8.3 million from USD 7.2 million a year ago, thanks to a 65.5% rise in interest income to USD 10.6 million which offset the 63.5% fall in system sales to USD 11.9 million.