China Jinjiang Environment's Q3 bottom line down 28%

China Jinjiang Environment Holding Company posted a 28 per cent drop year on year in net profit for Q3 2017 to 100.82 million yuan (S$20.7 million) on the back of lower gross profit.

Revenue was nearly 12 per cent lower at 580.41 million yuan on lower revenue from its business segments.

Earnings per share fell to 8.28 fen in Q3 2017, down from 12.29 fen a year earlier.

Separately, it also announced that its wholly owned subsidiaries, Gevin and Lin'an Jiasheng Environment Co, had on Sept 30 entered into a sale and purchase agreement with Zhejiang Kangrui Investment to sell a combined 42 per cent stake in Inner Mongolia Pulate Transportation Energy Co for 67.2 million yuan.

Zhejiang Kangrui is wholly owned by Dou Baibing, the daughter of China Jinjiang's controlling shareholder Dou Zhenggang; this makes the sale an interested party transaction.

The disposal is expected to be completed in early 2018.