SINGAPORE (April 26): CITIC Envirotech, the membrane-based water treatment solutions provider, announced earnings of $17 million for the first quarter ended March 31, 41.2% up from $12 million a year ago.
Revenue grew 14.3% to $113.7 million, mainly due to the 53.4% increase in contributions from the engineering business to $63.5 million from $41.4 million a year ago.
This was partially offset by a 43.4% fall in revenue from membrane sales, which fell 43.4% to $12.5 million from $22.1 million in 1Q16 due to the completion of a major project.
Other income grew nearly ten times to $14.9 million from $1.6 million in the previous year, as a government grant of $12.8 million was given in the current period to modify the treatment process to achieve higher discharge standard.
In its outlook, the group says it continues to register strong growth momentum in the water sector, and that it recently expanded into new areas in river restoration, sludge and hazardous waste treatment.
“In view of the government’s commitment to environmental conservation and pollution reduction and given [our] advanced membrane technologies, the group is confident that it is well positioned to secure more projects in the pipeline,” it adds.
Shares of CITIC Envirotech closed 1 cent higher at 78 cents on Tuesday.