China Energy Savings Reports Fiscal Year 2005 Results and Accomplishments
22 Dicembre 2005 - 3:00PM
PR Newswire (US)
Net Income $25 million, EPS $1.04 HONG KONG, Dec. 22
/Xinhua-PRNewswire/ -- China Energy Savings Technology, Inc.
(NASDAQ:CESV), a leading provider of energy saving products in
China, reported yesterday result accomplishments for the fiscal
year ending September 30, 2005 (Form 10K filed December 20, 2005:
http://www.sec.gov/Archives/edgar/data/1119601/000114420405040435/v031666_10ks
b.htm). Since the Company has owned a 100% stake in Starway
Management Limited as of September 30, 2005, the 25 million in net
income is the final figure for the twelve months ending September
30, 2005 that does not require deduction of minority interest.
Based on the closing price of $7.35, as of December 20, 2005, the
current PE ratio and earning per basic and diluted share of the
Company are 7x and $1.04 respectively. Sun Li, Chairman and CEO of
China Energy Savings Technology commented, 'we have a profitable
year for fiscal 2005 and we look forward to a prosperous 2006,
exploring more new ventures to bring more profit to our
shareholders.' About China Energy Savings Technology China Energy
Savings Technology, Inc., through its ownership interest in Starway
Management Limited engages in the development, manufacture, sale,
and distribution of energy-saving products for use in commercial
and industrial settings in the People's Republic of China.
According to test reports by various PRC authorities including the
National Center of Supervision & Inspection on Electric Light
Source Quality (Shanghai) issued in September 2002, Shenzhen
Academy of Metrology & Quality Inspection issued in December
2002 and approved by the State Quality Supervision Inspection
Department, the energy saving products of Starway's subsidiaries
may provide energy saving rates ranging from approximately 25% to
45%. The energy saving projects conducted by Starway's subsidiaries
mostly relate to public or street lighting systems, government
administration units, shopping malls, supermarkets, restaurants,
factories and oil fields, etc. There are small and large-scaled
projects: the small-scaled projects relate to restaurants, shops,
small arcades, offices and households through the sale of
equipment, and the large- scaled projects relate to large shopping
malls, supermarkets, factories and public bodies through the
provision and installation of equipment over a term usually
extended for years. Safe Harbor Statement As a cautionary note to
investors, certain matters discussed in this press release may be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such matters involve
risks and uncertainties that may cause actual results to differ
materially, including the following: changes in economic
conditions; general competitive factors; the Company's ability to
execute its business model and strategic plans; and the risks
described from time to time in the Company's SEC filings. For more
information, please contact: Jason Genet Chief Representative in US
Email: DATASOURCE: China Energy Savings Technology, Inc. CONTACT:
Jason Genet, Chief Representative in US, , for CESV Web site:
http://www.dicjenhitech.com/
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