SINGAPORE (Feb 16): SIIC Environment Holdings posted a 42.3% rise in 4Q earnings to RMB170.3 million ($35.2 million) from a year ago as revenue more than doubled to RMB1.1 billion.

This brings FY16 earnings to RMB454.9 million, 26.2% from a year ago. Total revenue increased 6.8% to RMB2.65 billion in FY16 from RMB1.80 billion in FY15.

Revenue across all categories increased in FY16 compared to FY15 due mainly to contribution from newly acquired entities as well as contribution from existing entities.

Construction revenue increased by RMB507.3 million in FY15 to RMB1.03 billion in FY16, due to relatively higher amount of construction activities in progress in FY16 compared to FY15 and newly acquired entities.

The aggregate of operating and maintenance income and financial income from service concession arrangements amounted to RMB1.35 billion in FY16, up from RMB1.09 billion in FY15.

The 23.9% increase was due mainly to higher water treatment and supply sales volume as well as contribution from newly acquired entities during the year.

In its outlook, SIIC Environment says the Chinese government remains steadfast in its commitment to environment conservation and pollution reduction. These new policies and trends bode well for the group’s overall operations and performance.

The group has proposed $220.5 million share placement in January.

Shares of SIIC Environment last traded at 58 cents.

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SIIC Environment reports 42% rise in 4Q earnings to $35 mil

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