SIIC Environment's Q2 profit up 18.5%

BETTER performance across all businesses gave a fillip to results for SIIC Environment Holdings (SIIC) in its second quarter.

Net profit expanded 18.5 per cent to 119.9 million yuan (S$24.5 million) from the previous year, the group said in a Singapore Exchange filing on Friday evening.

For the three months ended June 30, revenue rocketed 78.9 per cent to 995.4 million yuan from the previous year as revenue from all divisions increased.

Earnings per share edged up to 4.83 RMB cents from 4.48 RMB cents in the previous year.

SIIC said its plans to add new capacity to its portfolio in FY2017 is on track. "The completion of the acquisition of Longjiang Environment ramped up the group's design capacity to above 10 million tonnes a day, which also expanded the group's geographical footprint in the PRC," it said.

"For the remaining months of 2017, the group will be executing projects under its order books with main revenue contributions from the build-operate-transfer and transfer-operate-transfer water treatment and waste management businesses in China."