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China Everbright Water net profit up 18% in Q3

SINGAPORE-LISTED China Everbright Water has posted a net profit of HK$144.3 million (S$25.4 million) in the third quarter, up 18 per cent from the same period a year earlier.

Revenue in the three months ended Sept 30 rose 39 per cent to HK$1.04 billion, on the back of a HK$227.76 million increase in construction revenue, HK$54 million rise in operation revenue and HK$8.62 million rise in finance income.

The higher construction revenue was due mainly to construction of the sponge city project and the water supply project.

The expansion and upgrading of several waste water treatment plants which were under construction during Q3 also helped lift the topline.

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The higher operation revenue was the result of the commencement of operation of new projects over the 12 months to Sept 30, as well as tariff hikes for several projects effected over the same period.

Earnings per share was HK$0.054, up from HK$0.047 in Q3 last year. Net asset value per share was HK$2.96 as at Sept 30, down from HK$2.99 as at Dec 31 last year.

The counter fell one Singapore cent or 2.82 per cent to S$0.345 on Monday before results were announced after trading hours.

In the nine months to Sept 30, China Everbright Water’s net profit rose 36 per cent to HK$515 million on a 42 per cent rise in revenue to HK$3.4 billion.