SINGAPORE (Apr 26): Citic Envirotech (CEL) reported earnings of $39.3 million for the 1Q ended March 2018, more than doubling from its restated earnings of $16.4 million a year ago on higher revenue.

Revenue for the quarter more than doubled to $247.1 million from $99.6 million previously due to improved contributions across all of its business segments, particularly engineering and membrane system sales.

The overall revenue growth was further boosted by the continued growth momentum of recurring treatment revenue, which increased 23% to $46.4 million from $37.7 million a year ago.

In line with the higher revenue, materials purchased, consumables used and subcontractors’ fees grew 148.6% to $168.2 million from $67.7 million previously.

Finance costs over the quarter increased by 50.4% to $9.3 million from $6.3 million in 1Q17, mainly due to additional finance costs arising from new bank borrowings.

In its outlook, CEL says it will benefit from new opportunities generated by China’s stringent policies on pollution protection, given the group’s advanced environmental technologies and proven track record to tap on the growing market to meet such demands.

Underscoring its strong momentum in securing more environmental projects, the group believes it is on track to deliver comprehensive and sustainable solutions to tackle environmental pollution.

Shares in CEL closed 0.7% higher at 72 cents on Thursday.