|4.00 can't resist spec shares down here pre e/r -|
Newater Technology, Inc. Announces Year 2018 Audited Financial Results
PR Newswire PR NewswireApril 30, 2019
YANTAI, China, April 30, 2019 /PRNewswire/ -- Newater Technology, Inc. (NEWA) (''NEWA,'' ''we,'' ''our'' or the ''Company''), a leading company specializing in development, production and application of DTRO equipment and systems used in waste water filtration, today announced its financial results for the year ended December 31, 2018.
The year ended December 31, 2018 Financial Highlights (all comparisons to the year ended December 31, 2017):
Revenues increased by 86% from $25 million to $47 million in 2018, evidenced by a large increase in project sales, an increased number of customers and large-scale projects won.
Cost of revenues increased by 52% from $17 million to $26 million in 2018, due to the corresponding costs incurred in manufacturing for the equipment sold in the same period.
Gross profit increased by 157% from $8.1 million to $20.9 million in 2018, while the gross profit margin was 44% in 2018.
Net income (before currency translation loss) increased by 178% from $2.6 million to $7.2 million in 2018, and the net profit margin in 2018 was 15%.
Total assets increased by 36% from $45 million to $62 million in 2018 mainly driven by the new production facility and production line completed during the year.
Basic earnings per share was $0.67 in 2018, compared to $0.26 in 2017 and $0.28 in 2016.
Mr. Yuebiao Li, the Company's CEO, commented "In 2018, NEWA's flexible automated production line started operation in our new facility in Yantai. With more knowledge and experience accumulated, we expect to maximize the output quality and quantity while reducing costs. While fortifying our market leadership in our existing markets of landfill leachate and industrial waste water, NEWA also invested in technology innovation to apply DTRO technology in the municipal waste water field.
In 2019, we will focus on executing our business strategy and expand globally. We expect the company's operation results to continue to grow at the current speed, which will generate significant returns to our shareholders."
No news most volume 65k..possible big #e/r shake.
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