Green Build Tech's 2014 profit jumps on new subsidiaries, business expansion

GREEN energy solutions provider, Green Build Technology, posted a net profit of 23.38 million yuan (S$5.07 million) for the 12 months to Dec 31, 2014, far above that of 0.77 million yuan recorded a year ago.

Over the same period, revenue rose 18 per cent to 289.65 million yuan.

This is the group's first results release following its removal from the Singapore Exchange's watch-list on Jan 21.

The revenue and profit rises in FY14 for Green Build Tech, formerly known as Youyue International Limited, were mainly due to the group's acquisition of the new subsidiaries and its expansion of business to include those of project-based activities to upgrade and/or replace existing infrastructure with green technology and architecture.

Green Build Tech's packaging segment is dependent on consumer spending. In this regard, the group expects the economic climate and trading conditions to continue to be challenging in the coming year and it is unlikely that there will be significant increases in consumer spending.

Meanwhile, its green technology services segment is likely to continue to show revenue growth and profitability in the next 12 months as it takes on more upgrading projects.

On Friday, the company also announced that its wholly-owned subsidiary, Harbin Promlite Energy Saving Technology, had recently been awarded green technology projects in various areas and residential estates in China's Harbin city. These projects involve the upgrading of existing housing estates in Harbin city using green architecture and green technology.

For FY14, Green Build Tech declared earnings per share of 9.79 fen and net asset value per share of 18.61 fen.

No dividend was declared for the period.

Green Build Tech last traded at S$0.35.