Citic Envirotech Q1 net profit slumps 92.2% to S$3.08m

CITIC Envirotech's net profit plunged 92.2 per cent to S$3.08 million for the first quarter ended March 31, as two major projects in China experienced delays due to adverse wintry conditions.

The water and wastewater treatment and recycling solutions provider said on Monday that the delays were the main reason that engineering revenue fell 94.3 per cent to S$6.9 million and membrane system sales decreased 84.9 per cent to S$13.7 million.

Recurring treatment revenue rose 11 per cent to S$51.5 million, but total revenue dived 72.2 per cent to S$72.13 million for the quarter from S$259.22 million a year ago.

Earnings per share fell to 0.13 Singapore cent from 1.72 cents in the previous year.

Citic Envirotech shares lost 1.5 Singapore cents or 3.3 per cent to close at S$0.44 on Monday before results were announced.