SINGAPORE - Mainboard-listed Citic Envirotech reported on Wednesday (April 26) a 44.7 per cent rise in net profit from to S$17.8 million for the first quarter compared to S$12.3 million for the corresponding period last year.
The company, a membrane-based water treatment solutions provider, saw revenue grow 14.3 per cent year on year to S$113.7 million for the three months to March 31, 2017.
This was mainly due to the increase in engineering business from S$41.4 million to S$63.5 million, representing an increase of $22.1 million or 53.4 per cent, said the company.
It also continued to grow its recurring water treatment business segment, which recorded a 4.7 per cent increase in revenue to S$37.7 million for the quarter. Membrane sales dropped 43.4 per cent to S$12.5 million from S$22.1 million a year ago due to the completion of a major project.
Looking ahead, the company said it is well positioned to secure more projects, in view of the Chinese government's commitment to environmental conservation and pollution reduction and given its advanced membrane technologies.