Euro Tech Holdings FY21 Net Income Rises; Revenues Up Approx. 60.1%

(RTTNews) - Euro Tech Holdings Company Limited (CLWT) reported net income of $989 thousand in fiscal 2021 compared to $769 thousand, prior year. The company said the increase was primarily due to increase in operating income which far exceeded the non-recurrent gain on disposal of a property in prior fiscal year. Basic net income per ordinary share was $0.19 compared to $0.25.

Revenues were $21.39 million, an approximate 60.1% increase from last year. The company said the increase was principally due to the increase in revenue generated by Ballast Water Treatment Systems sales and the completion of prior years' projects as the COVID-19 situation became stable in 2021.

David, CEO, said: "In view of the current epidemic situation and its negative impact in China especially Shanghai, the company will seek several ways to mitigate risks."