TORONTO, May 30, 2018 (GLOBE NEWSWIRE) -- Changfeng Energy Inc., (TSXV:CFY) (“Changfeng” or the “Company”) announces that the Company has filed its unaudited condensed interim consolidated financial results for the first quarter ended March 31, 2018 (“Q1 2018”). The Company states that revenue from continuing operations for Q1 2018 was RMB104.1 million (approx. CAD20.7 million), an increase of RMB17.2 million (approx. CAD4.0 million), or 20%, from RMB86.9 million (approx. CAD16.7 million) for Q1 2017 (restated). Gross profit from continuing operations for Q1 2018 was RMB48.3 million (approx. CAD9.6 million), an increase of RMB2.4million (approx. CAD0.8 million), or 5%, as compared to RMB46.0 million (approx. CAD8.8 million) for Q1 2017. Profit for the period from continuing operations was RMB14.0 million (approx. CAD2.8 million), an increase of RMB1.9 million (approx. CAD0.5 million), or 16%, as compared to RMB12.1 million (approx. CAD2.3 million) for Q1 2017. EBITDA from continuing operations for Q1 2018 was RMB27.7 million (approx. CAD5.5 million), an increase of RMB2.6 million (approx. CAD0.7 million), or 10%, from RMB25.1 million (approx. CAD4.8 million) for Q1 2017.
This is the second year of Changfeng’s three-year plan to strategically shift its corporate focus to sustainable energy in combination with natural gas to become an integrated energy provider in the PRC. In line with this strategy, Changfeng has taken steps to divest part of its ownership stake (the “Disposal”) in Pingxiang Changfeng Gas Co., Ltd. (“Pingxiang CF”) to free up capital for other investment opportunities. The Disposal was completed on January 5, 2018 thereby recorded a net gain of RMB33.5 million (approximately CAD6.7million) in the three-month period ended March 31, 2018. After completion of the Disposal, the Group’s equity interest in Pingxiang CF reduced to 40% and such interest was re-classified as interest in associates of the Group.
The unaudited condensed interim consolidated financial results and Management’s Discussion and Analysis can be downloaded from www.SEDAR.com or from the Company's website at www.changfengenergy.com .
About Changfeng Energy Inc.
Changfeng Energy Inc. is a Canadian public company currently traded on the Toronto Venture Exchange ("TSX-V") under the stock symbol "CFY". It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the People's Republic of China. Changfeng strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in the PRC. In 2009, Changfeng was recognized as being one of China's the Top Ten Most Influential Brands in the Natural Gas Industry.
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION Corporate Investment Relations Investor.relations@changfengenergy.cn
Ann Siyin Lin VP, Corporate Development ann.lin@changfengenergy.cn
