New Concept Energy, Inc. (GBR) swung to a net profit for the year ended Dec. 31, 2016. The company has made a net profit of $0.05 million, or $ 0.02 a share in the year, against a net loss of $2.62 million, or $1.35 a share in the last year.
Revenue during the year dropped 6.83 percent to $0.76 million from $0.82 million in the previous year.
Operating loss for the year was $0.77 million, compared with an operating loss of $4.30 million in the previous year.
Debt comes down significantly
New Concept Energy, Inc. has recorded a decline in total debt over the last one year. It stood at $0.39 million as on Dec. 31, 2016, down 80.80 percent or $1.65 million from $2.04 million on Dec. 31, 2015. Total debt was 5.46 percent of total assets as on Dec. 31, 2016, compared with 23.01 percent on Dec. 31, 2015. Debt to equity ratio was at 0.11 as on Dec. 31, 2016, down from 0.56 as on Dec. 31, 2015.
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