SINGAPORE (Aug 11): SIIC Environment, the water treatment and environmental protection company, reported 1H17 earnings increased 25.9% to RMB240 million ($49 million) from a year ago due mainly to contribution from newly acquired and existing entities, arising from M&A efforts and organic growth.
Group revenue rose 78.2% to RMB1.9 billion in 1H17 due mainly to increases in construction revenue, operating and maintenance income from service concession arrangements and financial income from service concession arrangements. Gross profit rose to RMB707.7 million from RMB368.3 million for the same period under review. Profit from operations improved by 107.0% to RMB558.0 million from RMB269.5 million.
SIIC Environment says its plans to add new capacity to its portfolio in FY17 is on track as acquisition-driven expansion continues to deliver significant impact in the wastewater treatment market in China.
Shares in SIIC Environment closed at 46 cents.