SIIC Environment reports 3.7% rise in 3Q earnings to $22.7 mil despite lower revenue
SINGAPORE (Nov 14): SIIC Environment Holdings, the China-based water treatment and environmental protection company, announced 3Q18 earnings of RMB114.3 million ($22.7 million), up 3.7% from a year ago on lower costs.
Total 3Q18 revenue fell 21% to RMB1.07 billion due to 58.5% lower construction sales of RMB303.9 million on lower activities during the quarter.
This was offset by sales from operating and maintenance income from service concession arrangements came in 23.1% higher at RMB473.8 million and contribution from newly acquired entities and higher financial income from service concession arrangements which rose 15.2% to RMB208.3 million.
Cost of sales narrowed 30.9% to RMB698 million.
In its outlook, SIIC Environment says it remains aligned with the Chinese government’s environmental goals and will continue to contribute to the nation’s water supply and wastewater treatment infrastructure.
The group also remains focused on the upgrading of some of its existing wastewater treatment projects to meet the higher sewage discharge standards required currently.
Year to date, shares in SIIC Environment are down 41% to 28 cents.
