Citic Envirotech's Q2 profit jumps 125%

ENVIRONMENTAL engineering firm Citic Envirotech's (CEL) second-quarter net profit more than doubled to S$43.51 million, up from S$19.34 million a year ago, in line with stronger revenue contributions.

Revenue for the three-month period rose over 150 per cent to S$279.92 million due to higher engineering revenue as well as membrane system sales. Meanwhile, earnings per share for the quarter spiked to 1.82 Singapore cents, up from 0.95 cent previously. 

An interim dividend of 0.50 cent per share has been declared, payable Aug 15. 

For the full year, net profit increased from S$36.41 million to S$85.26 million, while revenue more than doubled from S$211.25 million to S$527.04 million.

Citic said: "CEL remains upbeat about the opportunities available in the environment protection industry in China. Besides securing more projects in the water segment, the group has increased its presence in related environmental services such as ecological restoration, hazardous waste treatment, sludge management and integrated environmental services."