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China Everbright full year profit grows 46.9% to HK$513.4m

ENVIRONMENTAL protection company China Everbright Water Limited posted a 46.9 per cent increase in its full year earnings for the year ended Dec 31, 2017, with net profit increasing to HK$513.4 million (S$86.4 million) from HK$349.3 million the previous year.

Earnings per share increased to HK$0.196 from HK$0.134 in the preceding year, the group said in a Singapore Exchange filing on Wednesday afternoon.

For fiscal 2017, revenue surged 44 per cent to HK$3.59 billion from HK$2.49 billion in the previous year, due mainly to the group's construction services, operation services and finance income, it said.

The increase in revenue from construction services was mainly attributable to the building of several water environment management projects in addition to the expansion and upgrading of several waste water treatment projects that were under construction during fiscal 2017, China Everbright added.

Net asset value per share as at end-December was HK$2.99 from HK$2.60 a year ago.

Said An Xuesong, executive director and chief executive officer of Everbright Water: "The company maintained a good development momentum, with notable improvement in the scale and quality of its operation and management."

"During the year under review, with the water industry continuing its upward trends and driven by the market and policy directions, Everbright Water solidified its existing market position, while boosting its efforts in market expansion," he added.

China Everbright were trading at S$0.005 or 1.1 per cent higher at S$0.455 at 1.54pm.