Gross profit for Progressive Water Treatment division quadruples
Los Angeles, CA – August 30, 2018 – OriginClear Inc. (OTC/QB: OCLN), a leading provider of water treatment solutions, reported today that revenue at the half-year mark doubled year over year for its Dallas-based subsidiary, Progressive Water Treatment (PWT), while the division’s gross profits quadrupled, helping the company in its drive toward overall profitability.
Further expanding on its quarterly report, the company reported that PWT’s revenue as of June 30, 2018 increased by 110% to $2,445,646 compared to $1,162,155 for the six months ended June 30, 2017. And the unit’s gross profit increased by 417% to $437,074 compared to $84,560 for the same period.
“I am very happy with the standout performance by Marc Stevens and his team in McKinney, Texas”, said Riggs Eckelberry, CEO of OriginClear.
“When we set up Dan Early with his book of business, we were able to rely on PWT’s existing high quality fabrication capabilities,” said Bill Charneski, President of the OriginClear Group. “We intend to continue to build the synergy between these organizations.”
Overall, OriginClear’s operating losses for the same period narrowed by 31% from $2,646,019 to $1,816,886.