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HONG KONG, May 13, 2021 /PRNewswire/ Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2020 ( Fiscal 2020 ).
The Company had net income of approximately US$769,000 in Fiscal 2020, as compared to net loss of approximately US$146,000 for the fiscal year ended December 31, 2019 ( Fiscal 2019 ). This was attributed by the increase in profit contribution from the affiliate of approximately US$298,000 and the non-recurrent net gain on disposal of a property of approximately US$1,429,000.
The Company s revenues for Fiscal 2020 were approximately US$13,357,000, an approximate 23.2% decrease compared to approximately US$17,399,000 in Fiscal 2019. The decrease was principally caused by the adverse impact of COVID-19 and the China-US escalating trade situation and technology tensions.
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