Chinese New Environmental Energy 2011 net loss halves

Mar 26, 2012 - Chinese New Environmental Energy Holdings Ltd (HKG:3989) narrowed its net loss to HKD 325.5 million (USD 42m/EUR 32m) in 2011 from HKD 742.3 million a year ago, according to a statement from Friday.

Basic loss per share was HKD 0.2592, while in 2010 it stood at HKD 0.8044.

Pretax loss shrank to HKD 351.1 million from HKD 748.6 million.

The company, originally active in the apparel and accessories business, expanded into the waste treatment and waste-to-energy plant segments in December 2009.

In 2011, revenue from continuing operations dropped 74.9% year-on-year to HKD 49.1 million. The waste treatment and waste-to-energy segment accounted for around 41% of the total, or HKD 20.1 million. The segment's revenue fell 61% on the year.

(HKD 1 = USD 0.129/EUR 0.097)

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