SINGAPORE (Feb 28): China Everbright Water reported a 47% increase in full-year earnings to HK$ 513.4 million ($86.5 million) in FY17 from HK$ 349.3 million in FY16.
Revenue for FY17 ended Dec 31 came in at HK$ 3.59 billion, 44% higher than HK$ 2.49 billion in the previous year. This came on the back of higher construction revenue, operation service income and finance income.
Construction revenue increased by HK$ 978 million due to the construction of several water environment management projects in addition to the expansion and upgrading of several wastewater treatment plants which were under construction during FY17.
The increase in operation service income was the result of commencement of operation of new projects; and tariff hikes for several projects
Cost of sales was 49% higher y-o-y at HK$ 2.36 billion from HK$ 905.7 million previously.
Gross profit was 36% higher at HK$ 1.23 billion from HK$ 905.7 million last year.
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Finance income jumped 63% to HK$ 12.5 million compared to HK$ 7.63 million in the previous year.
During FY17, the group registered HK$ 158,000 of share of result of an associate, which was absent in FY16.
The group has recommended a proposed final dividend of 0.49 cents per share.
As at 2.34pm, shares in China Everbright Water are trading at 44 cents.
