SINGAPORE (Aug 7): China Everbright Water, the environmental protection company, reported 41% higher 1H17 earnings ended June of HK$255 million ($44.4 million) from HK$180.6 million from a year ago.

For 1H17, the group reported revenue of HK$1.6 billion, an increase of 24% as compared to the corresponding period in last year, which was mainly attributable to the increase in construction revenue.

The increase in construction revenue was mainly attributable to the construction of the sponge city construction project in Zhenjiang City and the river-basin ecological restoration project in Nanjing City, in addition to the upgrading of several waste water treatment projects that were under construction during the period under review.

Gross profit rose by 19% year-on-year to HK$554 million in 1H17 mainly due to an increase in gross profit from construction services. Overall gross profit margin for 1H17 was 34% compared to 35% in 1H16.

In 1H17, China Everbright secured six new projects, commanding a total investment of RMB4.3 billion ($872 million).

Shares in China Everbright Water closed 1 cent lower at 48 cents.