Citic Envirotech Q1 profit more than doubles to S$39.3m

General view of the Ministry of Home Affairs (MHA) building. In its latest Singapore Terrorism Threat Assessment Report, MHA said there are no indications that Haja Fakkurudeen Usman Ali, 42, and Maimunah Abdul Kadir, 50, intend to return to Singapore.PHOTO: ST FILE

SINGAPORE - The first-quarter earnings of Citic Envirotech have more than doubled to S$39.3 million, on stronger sales from its engineering business and membrane system segments.

The membrane-based integrated environmental solutions provider recorded a net profit of S$16.4 million in Q1 2017.

For the three months ended March 31 , 2018, earnings per share stood at 0.76 Singapore cent, up from 0.73 cent in the year-ago period.

Citic's Q1 2018 revenue rose 148 per cent to S$247.1 million. Sales from the engineering segment increased to S$121.9 million, an increase of 127 per cent compared to Q1 2017, while its membrane system sales was up 361 per cent to S$90.9 million.

The group said that recurring treatment revenue continues its growth momentum and increased 23 per cent to S$46.4 million, compared to a year ago.

The counter was trading 0.5 cent higher at S$0.715 as at 9.32am on Thursday.