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Chinese New Environmental Energy expands loss in H1 2010

(ADPnews) - Sep 24, 2010 - Chinese New Environmental Energy Holdings Ltd (HKG:3989) saw its net loss deepen to HKD 292.9 million (USD 37.8m/EUR 28.2m) in the first half of 2010 from HKD 143.7 million a year ago.

Loss for the period from continuing operations amounted to HKD 299.1 million, compared with HKD 97.2 million, the company said in a statement on Friday.

Pretax loss from continuing operations widened to HKD 297.4 million from HKD 94.9 million.

The company, originally active in the apparel and accessories business, expanded into the waste treatment and waste-to-energy plants segments in December 2009.

It posted a consolidated first-half revenue of HKD 368.8 million, down 34.6% year-on-year. The waste-to-energy operations brought revenues of HKD 16.8 million, with a gross profit margin of 22.4%.

(HKD 1 = USD 0.128/EUR 0.096)

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