YANTAI, China, Dec. 18, 2020 /PRNewswire/ — Newater Technology, Inc. (NASDAQ: NEWA) (“NEWA”, “we”, “our” or the “Company”), a developer, service provider and manufacturer of membrane filtration products and related hardware and engineered systems that are used in the treatment, recycling and discharge of wastewater, today announced its unaudited financial results for the half-year ended June 30, 2020.
Six Months Ended June 30, 2020 Financial Highlights (all comparisons to the six months ended June 30, 2019 unless noted)
- Revenues increased by 16.80% from $8.73 million to $10.19 million, which resulted from: 1) Greater sales force allocation into new target markets and existing markets; 2) More project sales were generated for the six months ended June 30, 2020.
- Cost of revenues increased by 6.13% from $4.50 million to $4.78 million due to the increase of revenues.
- Gross profit increased by 28.18% to $5.41 million compared to $4.22…