Euro Tech Holdings Company Limited (NASDAQ: CLWT) has announced that its board of directors has declared a special dividend of $0.2 per common share in cash payable to shareholders on record as of June 28, 2021, on July 6, 2021. Shares held in brokerage accounts will receive the dividend through credit to their brokerage accounts.
Euro-Tech releases fiscal 2020 results
Recently the company announced its fiscal 2020 financial results in which net income was $769,000 compared to a net loss of $146,000 in fiscal 2019. The profit increase resulted from an affiliate’s contribution of around $298,000 and a non-recurrent net gain in property disposal of around $1.43 million.
Fiscal 2020 revenue was around $13.36 billion, which is a 23.2% decline YoY, with the decrease mainly due to the impact of the pandemic and the escalating china trade situation and tech tensions. Gross profits were down 16.6% to around $3.69 billion, and the decline resulted from revenue drop. Selling and administrative costs increased 10.7% to $5.374 billion, which was mainly due to R&D costs associated with BWTS of around $458,000 for IMO revised G8 compliance requirement and redundancy provision of around $463,000 to cut down on loss-making production operations.
Euro-Tech optimistic about Ballast Water Treatment Systems business in the Middle East
The future of the Ballast Water Treatment Systems (“BWTS”) operations from commercial ships and port services look bright for the company. In addition to four sales contracts and numerous serious port solutions inquiries in China over the last six months, the company is nearing completion on selling eight sets of BWTS of various sizes to ship owners in Southeast Asia and the Middle East. According to current inquiries, the Middle East could overtake China as the company’s largest market in the following months.