Cleantech Solutions International Reports Decrease in Revenue

Cleantech Solutions International (NASDAQ:CLNT) announced its financial results for the past three months and six months, ending on June 30, 2015. The manufacturer of metal components and assemblies reported a decrease in revenue, as compared to the same period the previous uear.
In a press release,  Chairman and CEO Jianhua Wu stated:

In the second quarter of 2015, economic conditions in China impacted capital spending, particularly in our forged rolled rings and related products business, which saw a significant drop in revenue during the quarter.  Sales in our dyeing equipment segment also declined, as concerns regarding the ability of some of our customers to make timely payments caused us to delay shipment of certain orders.  We also experienced softer demand for our low-emission airflow dyeing machines, as many of our customers upgraded to new models last year. Sales to customers in the petroleum and chemical equipment, particularly the major contract we received from a large state-owned enterprise for parts and equipment to be used on a major chemical project in Xinjiang, made a meaningful contribution to revenue and partially offset the sales decline in other segments.  We remained profitable, generated positive cash flow and closed the quarter with a stronger balance sheet.

Click here to read the full press release from Cleantech Solutions International.