HONG KONG, Aug. 22, 2006 (PRIMEZONE) -- NT Holding Corp. (OTCBB:NTHH), today announced the earnings for its second quarter. The Company achieved a net profit of $909,787 for the current quarter and $998,734 for the 6 months period ended June 30, 2006.
The balance sheets of Shanxi Jinhai Metal Group ("Jinhai") and PT Borneo Mineral ("PT Borneo"), two subsidiaries that NTHH acquired during June of this year, were consolidated into NTHH as of June 30, 2006. The operating results of Jinhai and PT Borneo are expected to be consolidated into NTHH starting July 1, 2006. The profits achieved by NTHH in the current quarter were mainly attributable to the gain from the sale of the operations of Fujia Coking and Chemical Company Limited ("FJCC").
"We achieved profitability for the current quarter through the sale of the FJCC operations," said Peter Chun, CEO of the Company. "We expect our profitability will continue to grow in the third quarter and beyond, when the operating results of Jinhai and PT Borneo consolidate into NTHH, commencing with the third quarter this year. Leveraging on the profitability of these two subsidiaries, we anticipate that the profitability of NTHH will be substantially enhanced and we anticipate 2006 shall be a profitable year for NTHH."
About NT Holding Corp.
NTHH, through its subsidiaries, invests in and operates companies in China and Asia that engage in energy and natural resources businesses. NTHH is based in Hong Kong and currently operates two subsidiaries in Asia: (1) Shanxi Jinhai Metal Group that engages in coking coal and steel production in the Shanxi Province of China and (2) PT Borneo Mineral that owns a 30 years coal mining right concession in Indonesia. NTHH is positioning itself to support Asia's growing need for power, energy and natural resources.
Disclaimer Regarding "Forward-Looking Statements"
This news release contains "forward-looking statements" as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) adverse changes in general economic or market conditions; (ii) delays in or refusals of governmental approvals; (iii) risks associated with acquisitions and investments, including the challenges and costs of integration and coordination; and (iv) other important factors as disclosed previously and from time to time in NTHH filings with the U.S. Securities and Exchange Commission. NTHH disclaims any obligation to update any such forward-looking statements after the date of this news release.