Citic Envirotech Q2 profits dive 66% on falling revenues

Singapore

NET profit for Citic Envirotech (CEL) dived 66 per cent to S$14.7 million for the second quarter ended June 30, from S$43.3 million a year earlier, the wastewater treatment provider reported on Wednesday.

Q2 revenue shrank 30.3 per cent to S$202.8 million from S$291 million in Q2 2018, mainly due to a 30 per cent decrease in the engineering business and 44.7 per cent decrease in membrane system sales.