Euro Tech Holdings Company Reports Interim Revenue of $9.55M for Six Months Ended June 30; Down 7.8% YoY

Euro Tech Holdings Company Limited

today reported its unaudited financial results for the six months ended June 30, 2011. The Company's revenues for the six months ended June 30, 2011 were approximately US$9,554,000, a 7.8% decrease as compared to approximately US$10,363,000 for the six months ended June 30, 2010. The net income for the six months ended June 30, 2011 was approximately US$12,000, as compared to the net loss of approximately US$451,000 for the six months ended June 30, 2010. Revenues from engineering business increased by approximately US$1,330,000, but were not enough to offset the further drop of revenues from trading business of US$2,139,000. The Company's operating result changed from the a loss for the six months ended June 30, 2010 to a net income for the six months ended June 30, 2011. This was principally due to the reduction of selling and administrative expenses of approximately US$428,000 which included the reduction of operating expenses of approximately US$100,000 as a result of streamlining operation and gain on the disposal of a property of approximately US$328,000.