Mainboard-listed United Envirotech, one of the leading membrane-based water and wastewater treatment solutions providers, says it posted a 383.6% y-o-y increase in net profit of $5.2 million in 3QFY2010.

On the back of higher engineering income and recurring treatment revenue, the group recorded $18.8 million revenue in 3QFY2010, representing 114.3% y-o-y increase in revenue.

Engineering income accounted $15.2 million or 80.9% of 3QFY2010 revenue, while recurring treatment revenue contributed $3.6 million or 19.1% of 3QFY2010 revenue. During the period, the group recognised contributions arising from the recently secured Guangzhou EPC project and the higher quantity of wastewater treated for the operating plants.

In consistent with a higher proportion of revenue, the group recorded a 158.6% y-o-y increase in materials purchased, consumables used, and subcontractors’ fees to $11.1 million in 3QFY2010.

The group generated $5.2 million net profit in 3QFY2010 net profit for the period, representing a 383.6% y-o-y increase. Earnings per share correspondingly increased to 1.19 cents in 3QFY2010, up by 340.7% as compared to 0.27 cents in 3QFY2009.

The group’s financial position remained strong with $23.4 million cash and bank balances as at Dec 31 2009. Operating cash flow for the group stood at –$9.1 million mainly due to $20 million tender deposit placed by the group for a project during the period which has since been fully returned to the group.