Epure International, the China-based water solutions provider, says net attributable profit (PATMI) surge by 38% year-on-year (y-o-y) to RMB280.5 million (Corrected: $57.7 million) for the 12 months ended 31 December 2009 (FY09) as revenue climbed 26% y-o-y to RMB1.29 billion.

The strong revenue growth was attributed to strong contributions from the sale of customised environmental equipment, higher revenue recognition from various major turnkey projects, as well as the maiden contribution from one of the group’s Build, Operate and Transfer (BOT) projects which started its operations in the fourth quarter of 2009.

The group also reported a more-than-doubling of it net cashflow from operations to RMB390.5 million, an impressive feat given the unabated pace at which it is making inroads into the BOT segment. This lifted cash balances to RMB1.24 billion as at end December 2009. Consequentially, the group’s balance sheet strengthened considerably, with gross gearing reducing to 14.6%. Accounts receivables and inventory days also reduced, leading to a significant improvement to its cash conversion cycle.

The group has expanded swiftly into the management of water treatment plants. It added seven BOT projects in FY09, bringing the total number of such projects to 10 plants. The group also won a landmark contract to manage eight municipal wastewater treatment plants in Hainan.