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Citic Envirotech Q1 profit more than doubles to S$39.3m

THE first-quarter earnings of Citic Envirotech have more than doubled to S$39.3 million, on stronger sales from its engineering business and membrane system segments.

The membrane-based integrated environmental solutions provider recorded a net profit of S$16.4 million in Q1 2017.

For the three months ended March 31 , 2018, earnings per share stood at 0.76 Singapore cent, up from 0.73 cent in the year-ago period.

Citic's Q1 2018 revenue rose 148 per cent to S$247.1 million. Sales from the engineering segment increased to S$121.9 million, an increase of 127 per cent compared to Q1 2017, while its membrane system sales was up 361 per cent to S$90.9 million.

The group said that recurring treatment revenue continues its growth momentum and increased 23 per cent to S$46.4 million, compared to a year ago.

The counter was trading 0.5 cent higher at S$0.715 as at 9.32am on Thursday.