SINGAPORE (Nov 2): CITIC Envirotech, the membrane-based environmental solutions provider, reported 3Q17 earnings ended Sept more than doubled to $61 million from $23.6 million a year ago.
This brings total earnings for the nine-month period from January to Sept to $101 million on the back of a total revenue of $522 million.
For the 3Q17, group revenue doubled to $273.9 million from a year ago mainly due to a 172.3% increase in engineering business to $226.0 million. The recurring water treatment business segment also increased 12.1% to $44.6 million.
CITIC Envirotech says it has been actively exploring various fund raising options for its investments and operations.
In Oct, the group successfully raised $240 million perpetual capital securities under its US$1.5 billion Multicurrency Perpetual Securities Issuance Programme.
In its outlook, CITIC Envirotech says it has gained significant traction in securing more projects in its water investment and engineering businesses.
Furthermore, the group has been providing more comprehensive environmental services in river restoration, hazardous waste, sludge management and integrated environmental services.
“With the Chinese government’s push towards protecting the environment, we anticipate that these new business segments will form the next growth driver and contribute positively to the revenue for the Group in the coming year,” it adds.
Shares in CITIC Envirotech closed 1 cent lower at 78 cents on Thursday.
