Citic Envirotech profit down 7.8%

MAINBOARD-LISTED Citic Envirotech's net profit fell 7.8 per cent to S$21 million for its second quarter ended June 30 compared to the same period a year ago.

Revenue for the water treatment solutions provider also fell 4 per cent to S$134.4 million year on year, mainly due to a decrease in its membrane business.

Its adjusted earnings per share stood at 0.63 Singapore cent for the quarter.

No dividend was declared for the quarter.

In a filing with the Singapore Exchange, it said: "The group is on track in its growth and expansion in the water sector and is strategically expanding into new segments, taking advantage of the growing demand in river restoration, sludge management, hazardous waste management as well as the provision of integrated environmental services within industrial parks."

As demand for industrial wastewater treatment continues to increase, driven by continued steady growth in China's economy as well as the government's commitment towards environmental conservation and pollution control, the group said that it remains confident that it is well positioned to further its market share in the water sector, especially in the industrial water segment.