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China Jinjiang Environment's Q1 profit up 6.8%, secures second project in India
WASTE-TO-ENERGY operator China Jinjiang Environment Holding Co's net profit for the first quarter of 2017 rose 6.8 per cent despite revenue dipping as gross profit margins improved.
The group recorded net profit of 127.4 million yuan (S$25.84 million) for the three months ended March 31, up from 119.3 million yuan a year ago.
Revenue slid 3.6 per cent year on year to 557.6 million yuan, mainly due to lower revenue from construction services provided under build-operate-transfer concession agreements, and from project technical and management services.
Separately, the group announced that its subsidiary in India, Ecogreen Energy Private Limited, has secured an additional concession for a waste treatment project in Gwalior in the central Indian state of Madhya Pradesh.
Under the agreement with the relevant local authorities, Ecogreen will build the Gwalior project, and will operate and manage it under a build-operate-transfer model for 22 years from June this year.
The project will comprise a waste pre-treatment facility with a capacity of 606 tonnes a day, a waste-to-energy facility and a landfill. The entire project is expected to start operations in February 2020.
Total investment into the Gwalior project is about 2.53 billion rupees (S$55.2 million), said the group.