Citic Envirotech's Q1 profit dives 92.2%

Singapore

CITIC Envirotech's (CEL) 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 engineering revenue fell 94.3 per cent to S$6.9 million and membrane system sales dropped 84.9 per cent to S$13.7 million.