Citic Envirotech's Q1 profit dives 92.2%
Singapore
CITIC Envirotech's (CEL) net profit plunged 92.2 per cent to S$3.08 million for the first quarter ended March 31, as two major projects in China experienced delays due to adverse wintry conditions.
The water and wastewater treatment and recycling solutions provider said on Monday that the delays were the main reason engineering revenue fell 94.3 per cent to S$6.9 million and membrane system sales dropped 84.9 per cent to S$13.7 million.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s CICC demotes senior bankers, cuts pay to slash costs
Paramount bidders await word from special committee evaluating options
Stocks to watch: Singtel, Venture Corp, ARA H-Trust, YHI International, LHN
Optus names National Broadband Network’s Stephen Rue as incoming chief
More than 90% of stablecoin transactions aren’t from real users, study finds
RBA to keep key rate at 12-year high as inflation stirs anew