SIIC Environment chalks up 21.8% rise in Q2 FY16 profit

MAINBOARD-listed water treatment and environmental protection company SIIC Environment Holdings reported a net profit of 101.16 million yuan (S$20.5 million) in Q2 FY16, up 21.8 per cent per cent from the year prior, bolstered partly by other income.

Other income increased from 18.88 million yuan in Q2 FY15 to 45.92 million yuan in Q2 FY16 due mainly to the recognition of value added tax refund imposed on billing raised from concession service agreements, which was effective only in July 2015.

For the three months ended June 30, revenue surged 33.5 per cent to 556.27 million yuan from the previous year. The growth in revenue was due largely to stronger contributions from its construction business.

Earnings per share expanded to 4.48 fen from four fen in the previous year.

For the six-month period, net profit was nearly 26 per cent higher year on year at 190.62 million yuan while revenue climbed nearly 42 per cent to 1.12 billion yuan.

SIIC Environment shares closed at S$0.595 on Friday, down half a cent.