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Be the first with the news that moves the market- CF Energy (TSXV:CFY) has released its financial results for the first quarter of 2020
- The Chinese-focused energy producer’s quarterly revenue dropped 38 per cent to a C$13 million, when compared to 2019’s first quarter
- The company’s gross profit also dropped 30 per cent to $5.3 million
- CF Energy attributed the drop to a decrease in demand during the coronavirus, which impacted China early in the quarter
- CF Energy (CFY) is down 1.5 per cent and is trading at $0.63 per share
CF Energy (TSXV:CFY) has released its financial results for the first quarter of 2020.
The Chinese gas producer generated C$13 million in revenue during the quarter, a 38 per cent drop on last year’s first quarter figure.
CF Energy put the revenue fall squarely on the shoulders of the COVID-19 pandemic and its effects on the global energy market.
The crisis has caused a drop in global oil demand, and the company said it saw resulting falls in all of its business segments during the quarter.
As the company operates in China, it was hit harder by the virus than other companies around the world. This is because China was impacted earlier in the quarter, rather than in the last few weeks, as was the case for most other countries.
The company had a gross profit for the quarter of $5.3 million. This represents a 30 per cent decrease on last year’s first quarter figures.
Chairman of CF Energy, Frederick Wong said he was delighted to see the recent COVID-19 restrictions had lifted in China.
“China’s recent lifting of quarantine and travel restrictions with COVID-19 showing encouraging signs of abatement and the virus being under control, which immediately stimulated increased business and social activities and the economy showing early signs of recovery.
“We will continue with our protective measures to protect our employees and customers from contracting COVID-19 and avoid any unnecessary interruptions to our operations,” he said.
CF Energy (CFY) is down 1.5 per cent and is trading at $0.63 per share at 10:20am EDT.
