Hebron Technology Co Ltd (NASDAQ:HEBT) issued its financial report for the six months closed June 30, 2017. Anyuan Sun, the CEO and Chairman, expressed that with revenues declining by 27.9% to $7.74 million, their first half financial report exhibited the impact of fewer assignments being completed for their installation services as the moving of their manufacturing plant resulted in a temporary interruption to their business during the six months closed June 30, 2017.
The CEO of Hebron reported that with recent numerous assignment wins and an expanding project pipeline, thy are assured about their near-term outlook and project the growth to return in the imminent future. Total revenues dropped 27.9% to $7.74 million for 1H2017. The drop in total revenues was a result of decline in the number of assignments and average revenues per assignment for installation services and partly offset by a jump in fluid equipment sales.
Hebron reported that gross and operating margins came at 37.1% and 2.1%, in that order, for 1H2017, versus 38.2% and 27%, respectively, for the comparable period of 2016. Net loss stood at $0.34 million for 1H2017 versus net income of $2.14 million, for the comparable period of last year.
Established in 2005 and with its headquarters in Wenzhou City, China, the company is involved in research, manufacture and development of extremely specialized pipe fitting and valves products for application in the biological, pharmaceutical, beverage and food, and other clean industries. The firm also provides its clients comprehensive pipeline design, construction, installation, and current maintenance services as holistic solution offerings.
In the last trading session, the stock price of Hebron declined 9% to close the day at $2.39. The decline came at a share volume of 76,126 compared to average share volume of 96,834. Post the recent decline, the market cap of firm was noted at $38.6 million.