Zhongde Waste Technology AG announced earnings results for the first quarter ended March 31, 2016. For the quarter, total revenues grew by more than 100% to EUR 26.6 million against EUR 5.6 million a year ago. Due to the slow progress of EPC projects, gross loss decreased to EUR 0.2 million against EUR 0.1 million a year ago. LBIT for the reporting period amounted to EUR 1.1 million against EUR 1.0 million a year ago, The financial loss amounted to EUR 0.6 million compared to EUR 0.0 million in 2015 mainly due to increased interest expenses relating to the new bank loans granted to ZhongDe in the second half of 2015. Accordingly, the net loss decreased to EUR 1.7 million against EUR 2.2 million a year ago.

Provided that the projects can progress as planned, the management board expects a rapid growth in revenues for the full-year 2016. EBITDA and EBIT are expected to follow that trend and turn positive.