SINGAPORE (Oct 24): Citic Envirotech, the membrane-based integrated environmental solutions provider, reported 3Q18 earnings fell 55.4% to $21.9 million from $49.2 million in 3Q17.
This brings 9M18 earnings to $104.6 million, 20.3% higher than $87.0 million in 9M17.
Total revenue for the quarter came in at $238.2 million, 4.1% higher than $228.7 million a year ago, mainly attributable to an 84.8% y-o-y increase in finance income from service concession.
Other income surged 154.4% y-o-y to $3.36 million, while changes in inventories increased by 254.6% y-o-y to $6.92 million.
However, material purchased, consumables used and subcontractors’ fees came in 24.9% higher y-o-y at $154.8 million, while depreciation and amortisation expenses increased by 93.2% to $9.14 million. Other operating expenses also increased by 44% to $23.0 million.
Hao Weibao, executive chairman and group CEO of Citic Envirotech, says, “In China, which is our main market, the government has rolled out increasingly progressive environmental policies to curb pollution and promote ecological restoration. As such, the group remains optimistic about our prospects because we believe our expertise and solutions to address these environmental issues positions us very well to reap the benefits of the country’s efforts.”
Meanwhile, the group will also continue to leverage its technological advantage to secure more projects in the water treatment segment, while sourcing for opportunities in other related environmental services such as ecological restoration, hazardous waste treatment, sludge management and the provision of integrated environmental services.
Shares in Citic Envirotech closed at 44 cents on Wednesday.
