Sales at Cleantech International slip 40.1% in 2016

22 Apr '17

1 min read

For the year ended December 31, 2016, sales at Cleantech Solutions International slipped 40.1 per cent to $17.4 million as against $29.0 million in 2015. This decline came as the main source of revenue for the company is only its dyeing and finishing business, since its forged rolled rings and other businesses are reflected as discontinued operations.

In 2016, gross profit totalled $2.5 million compared to gross profit of $6.5 million for 2015, while gross margin was 14.7 per cent during 2016 vis-à-vis 22 per cent in the previous year.

However, operating expenses surged 77.4 per cent to $3.9 million in the period under review versus $2.2 million in the earlier year.

"The increase was primarily due to higher bad debt expense, higher professional fees in the form of stock-based compensation and an increase in research and development expenses for the development of new dyeing and finishing products," Cleantech observed.

Loss from continuing operations was $1.4 million, or $1.17 loss per basic and diluted share, as against income from continuing operations of $3.0 million, or $3.04 per basic and diluted share in 2015. (AR)

Fibre2Fashion News Desk – India

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