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China Everbright Water FY19 profit rises 23% to HK$833.5m

CHINA Everbright Water posted a 23 per cent rise in net profit to HK$833.5 million (S$149.3 million) for its full year ended Dec 31, 2019, from HK$676.5 million a year ago.

This came on the back of higher revenue - the bulk of which came from its construction segment. The group saw higher construction activities in progress during fiscal 2019 compared with a year ago.

Earnings per share stood at 30.07 Hong Kong cents for the year, up from 25.58 cents a year ago, the wastewater treatment firm said in a regulatory update on Thursday.

Revenue for fiscal 2019 rose 16 per cent to HK$5.55 billion, from HK$4.77 billion a year ago. Operation revenue rose due to the commencement of new projects and tariff hikes for several projects during the year.

A final cash dividend of 3.74 HK cents has been proposed for fiscal 2019. Once approved at an annual general meeting expected to be held on or around April 24, the dividend will be paid on May 13, after books closure on April 29.

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Shares of China Everbright were trading at S$0.30 as at 2.15pm on Thursday, down S$0.01 or 3.2 per cent.

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