SINGAPORE (May 10): China Everbright Water, the water management company, reported 1Q18 earnings ended March rose 56% to HK$178 million ($30.4 million) from a year ago.

For 1Q18, the company recorded revenue of HK$1.041 billion, representing an increase of 35% compared to a year ago. The increase was mainly attributable to the increase in construction revenue, operation service income and finance income.

The increase in construction revenue was mainly due to the construction of several water environment management projects and a water supply project, as well as the expansion and upgrading of several waste water treatment projects that were under construction, during the period under review. Gross profit grew by 39% to HK$362 million, with gross profit margin at 35%.

EBITDA increased by 38% to HK$371 million. Profit for 1Q18 increased by 47% to HK$191 million. As at March 31, gearing ratio stood at 51.0%, indicating the company’s reasonable debt level and healthy financial position.

Moving forward, China Everbright Water says it will continue to closely follow governmental policies at all levels, and explore and pursue innovation on various aspects, such as business expansion, technology R&D, operations management, among others, in order to work its way through opportunities and challenges.

Shares in China Everbright Water closed 1.5 cent higher at 44 cents on Thursday.