SIIC Environment's Q2 profit up 20%

SIIC Environment yesterday reported a 19.9 per cent increase in net profit to 66 million yuan (S$13.3 million) for its second quarter ended June 30, on the back of a 34.8 per cent increase in revenue to 381.8 million yuan.

The increase in revenue was due to higher contributions from its construction, waste treatment and water supply, as well as waste incineration segments.

Its first-half net profit rose 60.9 per cent to 129.6 million yuan, while revenue climbed 41.3 per cent to 679.6 million yuan, thanks to contributions from its newly acquired entities, higher construction earnings and foreign exchange gains due to the movement of the yuan against the Singapore dollar.