Citic Envirotech Q1 profit surges 41.2% to S$17m

CITIC Envirotech reported a net profit attributable to shareholders of S$17 million in the first quarter of its 2017 financial year, up 41.2 per cent from a year ago, the group said in a Singapore Exchange filing on Wednesday.

The membrane-based water treatment solutions provider also saw revenue jumping 14.3 per cent to S$113.7 million for the three months ended March 31, 2017, due to an increase in its engineering business.

Its recurring water treatment business also saw an increase in revenue, which offset a decrease in membrane sales due to the completion of a major project.

Net asset value per share for the group came in at 65.82 Singapore cents as at March 31. Earnings per share on a diluted basis was at 0.46 Singapore cents in its first quarter, a dip from 0.74 Singapore cents in the same period a year ago.