Industrial waste-to-energy solution provider China Recycling Energy Corp. (CREG) announced a surge in second quarter net income to $11.28 million from $6.59 million in the prior year. Earnings per share increased to $0.14 from $0.11 in the previous year.
Total revenue for the quarter increased 22.3 percent to $30.91 million from $25.27 million in the prior year.
Guohua Ku, Chairman and CEO of CREG noted that the cash received from the early terminations of Waste Gas Power Generation and Coke Dry Quenching system for Boxing County Chengli Gas Co. Ltd. will help fund new projects, develop new energy recycling solutions, and explore new operating and revenue models to meet market demand and maximize shareholder value.
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