China Everbright Q3 earnings jump 27% on higher revenue

CHINA Everbright Water's third-quarter net profit rose 27 per cent to HK$182.6 million (S$31.8 million) from HK$144.3 million a year ago following a jump in revenue led by construction.

For the quarter ended Sept 30, earnings per share was 6.5 HK cents versus 5.4 HK cents.

Revenue rose 33 per cent to HK$1.37 billion from HK$1.04 billion due to, among other factors, a HK$193.1 million increase in construction revenue and HK$85.9 million rise in operation revenue.

No dividend was declared, same as a year ago.

For Q3 2019, China Everbright said it recorded an additional designed daily waste water treatment capacity of 75,000 cubic metres and total new investments of about 477 million yuan (S$92.6 million), which demonstrates its good momentum in business development.

An Xuesong, executive director and CEO of Everbright Water, said: "The company's business model portfolio has expanded from investment and operation to a full industry chain, including planning and design, consultancy, technological research and development, engineering construction, operation and management, and so on.

"Moving forward, Everbright Water will apply such 'parallel strategies' on its business planning, with the aim of becoming a comprehensive water enterprise with unique advantages."

The mainboard-listed firm, which is dual-listed on the Hong Kong bourse, was up S$0.005 or 1.6 per cent to S$0.32 as at the midday trading break.