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China Everbright Water's Q3 profit rises more than one-third

ENVIRONMENTAL protection company China Everbright Water Limited posted a 35 per cent increase in its third-quarter earnings, as a boost in gross profit from construction services lifted the bottom line.

For the three months ended Sept 30, 2017, net profit stood at HK$123 million (S$21.5 million). Gross profit rose by 33 per cent year on year to HK$297 million.

Earnings per share in Q3 2017 was 0.047 Hong Kong cent, up from 0.035 Hong Kong cent in Q3 2016.

The group recorded a revenue of HK$746 million for Q3 2017, an increase of 35 per cent compared with the corresponding period last year. This was due to the increase in construction revenue.

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The increase in construction revenue was mainly attributed to the construction of the sponge city construction project in Zhenjiang City and the river basin ecological restoration project in Nanjing City, in addition to the expansion and upgrading of several waste water treatment projects that were under construction during the third quarter this year.

China Everbright Water closed 0.5 Singapore cent higher, or 1.1 per cent, to S$0.46 on Monday.

In Q3 2017, the company had six newly secured projects, garnering a total investment of more than 1.8 billion yuan (S$3.7 million). As at Sept 30, 2017, gearing ratio was approximately 52 per cent.

An Xuesong, executive director and CEO of Everbright Water, said: "Looking ahead, we will closely follow water environment management policies issued by governments at all levels, keep exploring new business areas, continuously improve core technological competitiveness, and strengthen our competitive advantages in operation and management."