(MENAFNEditorial) -- Cleantech Solutions International, Inc. ("Cleantech Solutions" or "the Company") (NASDAQ: CLNT) today announced its financial results for the three and six months ended June 30, 2016.
"In the second quarter of 2016, challenging economic conditions in China persisted, marked by a continuous decline in oil prices and limited availability of credit in China. Our forged rolled rings and related components segment suffered another quarter of sharp revenue declines and operating losses, we did not generate any revenues from our petroleum and chemical equipment segment and we currently have no orders for this segment. We continue to evaluate the long-term viability of these two segments on an ongoing basis. The dyeing equipment segment, which accounted for 96% of total revenue in the quarter, was also impacted by the challenging economic conditions, resulting in fewer orders during the quarter. In addition, our business was also affected by government actions requiring textile manufacturers in Zhejiang province to temporarily cease operations in order to improve air quality ahead of the G20 Summit which is scheduled for Hangzhou this September, which further suppressed demand," said Mr. Jianhua Wu, Chairman and CEO of Cleantech Solutions. "Although we expect our core dyeing machine business to face challenging conditions in the near term, we are working hard to strengthen our product offering and position this business for long-term success."