Mainboard-listed United Envirotech, the membrane-based water and wastewater treatment solutions provider, announced a net profit growth of 94.6% to $6.1 million for the 3 months ended 30 September 2010 (2Q FY2011) on the back of a 103.8% increase in revenue to $23.0 million in 2Q FY2011.

The group generated $23.0 million in revenue for the period, representing a 103.8% y-o-y climb. Materials purchased, consumables used and subcontractors’ fees increased 208.5% to $13.2 million in 2Q FY2011 from $4.3 million in 2Q FY2010 as a result of the completion of Guangzhou EPC project and the construction of the Build-Operate-Transfer (BOT) project in Heilongjiang and Liaoyang province.

Earnings per share correspondingly increased 73.1% to 1.35 cents in 2Q FY2011 as compared to 0.78 cents in 2Q FY2010.

The group’s balance sheet continued to stay healthy, maintaining cash and bank balances of $30.9 million as at 30 September 2010. The 17.1% decline in cash and bank balances is due to the injection of funds needed for construction of the BOT investment project in Heilongjiang province. Net cash used in operating activities of $2.7 million is a result of payment made to creditors for the supplies of materials and services rendered during the quarter.