SINGAPORE (July 25): CITIC Envirotech announced 2Q18 earnings doubled to $43.3 million from $21.4 million in 2Q17.
This brings 1H18 earnings to $82.7 million, 137.8% higher than $34.8 million in 1H17.
Group revenue for the quarter came in 150.7% higher at $279.9 million from $111.7 million a year ago.
This was supported by an increase in revenue from all three of the group’s business segments. The engineering segment more than doubled y-o-y to $112.5 million; the membrane systems segment was more than five times higher y-o-y at $122.8 million; and the treatment segment was 19% higher at $55.7 million.
Changes in inventories saw a significant increase to $7.47 million from $0.65 million last year.
As at June 30, the group’s cash and cash equivalents stood at $328.2 million.
The group has declared its first-ever interim dividend of 0.5 cents per share for the period.
Hao Weibao, executive chairman and CEO of CITIC Envirotech says, “While we are busy chasing down every lead to secure more projects to maintain a robust order book, we are at the same time ramping up for future growth by continuing our development of new products as well as exploring opportunities to invest in technology that will keep us at the forefront of breakthroughs and advancements in clean technologies.”
Shares in CITIC Envirotech closed at 57 cents on Wednesday.
