SINGAPORE (Aug 8): China Everbright Water posted 2Q18 earnings of HK$192.6 million ($33.5 million), 37% higher than HK$140.6 million in 2Q17.
This brings 1H18 earnings to HK$370.7 million, 45% higher than HK$255.0 million in 1H18.
Revenue for the quarter came 52% higher at HK$1.32 billion compared to HK$868.7 million in the previous year, mainly due to higher revenue contribution from the group’s Construction and Operation segments, as well as the recognition of HK$66.7 million in finance income.
The increase in Construction revenue was mainly attributable to construction of several water environment treatment projects the expansion and upgrading of several waste water treatment plants which were under construction.
The increase in operation revenue was the result of commencement of operation of new projects; tariff hikes for several projects; and one-off income of HK$20.10 million arising from retrospective tariff adjustment in relation to a waste water treatment project in 2Q18.
The increase in finance income was due to the increase of the total investment of the projects which were under construction or in operation.
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As at June 30, the group’s cash and cash equivalents stood at HK$1.67 billion.
The group has declared an interim dividend of 0.49 cents per share, which will be payable on Oct 11.
An Xuesong, deputy general manager of China Everbright International, executive director and CEO of Everbright Water says, “Looking forward to the second half of 2018, Everbright Water will continue to harness its technological innovation as an important engine of development, engage in the comprehensive integration of its resources relating to technology research and development, explore new markets and business areas, leverage on industry and policy trends, in order to seize opportunities for development.”
As at 3.10pm, shares in China Everbright are trading at 42 cents.
