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Citic Envirotech full-year net profit jumps 16.7 per cent to S$115.94m

FULL-YEAR net profit for waste water treatment firm Citic Envirotech jumped 16.7 per cent to S$115.94 million on a 66.9 per cent increase in revenue.

Earnings per share for the year ended Dec 31 was 5.11 Singapore cents, up from 4.40 Singapore cents for a year ago.

Revenue was S$908.77 million, up from S$544.56 million mainly due to an increase in engineering revenue.

Gross profit margin declined to 25 per cent from 34.8 per cent as materials purchased, consumables used and subcontractors' fees rose 111.6 per cent to S$595.0 million.

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Other income was S$25.4 million, 31.7 per cent higher on government grant and value-added tax refund. Other operating expenses rose 29.9 per cent to S$64.4 million mainly on higher costs of operation of the treatment facilities and a net foreign currency exchange loss.

Net asset value was 80.57 Singapore cents as at Dec 31, up from 66.29 Singapore cents a year ago.

The board of directors has proposed a final dividend of 1.5 Singapore cents for FY2017 compared to 0.75 Singapore cent for FY2016.

Citic Envirotech flagged a strong momentum of order book building for FY2017. During the 12 months ended Dec 31, 2017, the firm secured contracts totalling over 10 billion Chinese yuan (S$2 billion).

The firm said that it has filed 22 patents, some of which will be commercialised in 2018. It expects to benefit from further moves in China to raise water treatment and waste disposal standards.