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Citic Envirotech's Q3 net profit jumps 154%
INTEGRATED environmental solutions provider Citic Envirotech reported a 154 per cent jump in net profit for the three months ended Sept 30, 2017.
Its net profit attributable to shareholders climbed to S$58.8 million for Q3 2017, from S$23.1 million the year before.
Its revenue doubled year-on-year to S$273.9 million, from S$137.1 million. Citic Envirotech said that this was due mainly to the increased takings by its engineering business.
Its earnings per share was 2.50 Singapore cents, compared to 0.98 Singapore cent last year.
Looking ahead, Citic Envirotech said that it has gained significant traction in securing more projects in its water investment and engineering businesses. It has also been providing more comprehensive environmental services in river restoration, hazardous waste, sludge management and integrated environmental services.
"With the Chinese government's push towards protecting the environment, we anticipate that these new business segments will form the next growth driver and contribute positively to the revenue for the group in the coming year," its press release said.
Citic Envirotech's shares closed Thursday one Singapore cent down to 78 Singapore cents.