Newater Technology revenues decreased 20%Christian Fernsby ▼ | June 8, 2020
Newater Technology announced its financial results for the year ended December 31, 2019.
Newater Technology Revenues decreased by 20% from $47 million to $37.6 million
Topics: Newater Technology
Revenues decreased by 20% from $47 million to $37.6 million in 2019, the decrease in revenues for the year ended December 31, 2019 was mainly due to in 2017-2018, the revenue of Laixi operation project accounted for a large proportion of the whole year's revenue. In 2019, there was no such operation project that generated as much revenue.
Cost of revenues decreased by 17% from $26 million to $21.7 million in 2019, the decrease in cost of revenues directly corresponded to the decrease in revenue during the same year.
Gross profit decreased by 24% from $20.9 million to $15.9 million in 2019, while the gross profit margin was 42% in 2019.
Net income (before currency translation loss) decreased by 40% from $7.2 million to $4.3 million in 2019, and the net profit margin in 2019 was 11.48%.
Total assets increased by 26% from $62 million to $78 million in 2019 mainly driven by the new production facility and production line completed during the year. ■