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News - Detailed News Story

Citic Envirotech Q2 profits dive 66% on falling revenues

26 Jul 2019 09:00

By Leila Lai

NET profit for Citic Envirotech (CEL) dived 66 per cent to S$14.7 million for the second quarter ended June 30, from S$43.3 million a year earlier, the wastewater treatment provider reported on Wednesday.

Q2 revenue shrank 30.3 per cent to S$202.8 million from S$291 million in Q2 2018, mainly due to a 30 per cent decrease in the engineering business and 44.7 per cent decrease in membrane system sales.

Earnings per share was 0.61 Singapore cent, down from 1.82 cents previously.

For the six months ended June 30, net profit was S$17.8 million, a 78.5 per cent decline from S$82.7 million in the same period last year. Revenue halved to about S$275 million from S$550.2 million.


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Attachments: Source: Business Times
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