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China Everbright FY2015 profit rises 35% to HK$423.7 million

CHINA Everbright Water Limited said on Friday that its net profit for the financial year ended Dec 31, 2015 rose 35 per cent to HK$423.7 million (S$76.8 million).

Revenue surged 73 per cent to HK$1.8 billion for the year, mainly thanks to higher construction revenue, operation services income and finance income.

The increase in revenue from construction of waste water treatment plants was mainly attributable to the expansion and upgrading of several build-operate-transfer (BOT) projects which were completed or under construction during FY2015. The increase in operation services income and finance income was mainly due to the full-year contribution of HanKore Group after the reverse takeover.

But overall gross profit margin in FY2015 slipped to 45 per cent from 57 per cent in FY2014 mainly due to a larger portion of construction revenue recognised in the FY2015's revenue mix.

China Everbright Water declared a final dividend of 0.35 Singapore cents per share. No dividend was declared in the preceding financial year.