SINGAPORE (May 14): SIIC Environment Holdings saw its earnings fall 15.2% to RMB 101.9 million for the 1Q ended March, from RMB 120.1 million a year ago.
This was mainly due to expenses of RMB 28.0 million incurred during the quarter related to its dual primary listing on the Mainboard of the Hong Kong Stock Exchange (HKEX).
1Q18 group revenue grew 17.8% to RMB 1.18 billion, from RMB 999.7 million a year ago, on the back of higher sales across all business divisions.
The increase in revenue was supported by higher amount of construction activities, higher water treatment and supply sales volume as well as contribution from newly acquired entities.
As at end March, cash and cash equivalents stood at RMB 1.22 billion.
“Boding well for the group’s future is the continued commitment of [China’s] government to winning the battle against pollution. President Xi’s Beautiful China initiative and the government’s effort in building an ecological civilisation will be the long-term anchor of China’s environmental policies down the road,” says Zhou Jun, SIIC Environment’s non-executive chairman.
“SIIC Environment will continue to focus on enhancing the country’s water quality and strengthening the water treatment and waste incineration industries,” he adds. “We will continue to build upon our strong fundamentals and sound business strategies to invest and acquire more accretive assets in China and overseas.”
Shares of SIIC Environment closed 1.5 cents lower, or down 3.7%, at 39 cents on Monday.
