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-- Turnover Climbs 25% to HK$221 Million; Gross Profit Margin Remains at a High Level of 62%
-- Continues to Focus on Industrial Wastewater Treatment Projects; Seeks Greater Opportunities in the Sludge Treatment Business |
HONG KONG, Sept 29, 2013 - (ACN Newswire) - CT Environmental Group Limited ("CTEG" or the "Group"; stock code: 1363), a provider of one-stop centralized and customized wastewater treatment and industrial water supply services in China, announced its first unaudited interim results upon listing.
Financial Highlights (Unaudited)
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(HK$ Million) For the Period Ended 30 June
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2013 2012 Change
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Turnover 221.1 176.3 +25.4%
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Gross Profit 137.1 115.9 +18.2%
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Profit Attributable to Equity Holders of the Company
90.0 75.5 +19.1%
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In the first half of 2013, turnover of CTEG recorded a 25.4% increase to HK$221 million, primarily benefited from higher fees generated from the change in the mix of industrial wastewater to be treated. Gross profit climbed to HK$137 million, representing an 18.2% growth, while gross profit margin continued to remain at a highly healthy level of 62%. During the period, profit attributable to equity holders of the company increased by 19.1% to HK$90 million. The board of directors does not recommend the payment of an interim dividend for the six months ended 30 June 2013.
CTEG Chairman and Executive Director Mr. Tsui Cham To says, "CTEG is the first provider of centralized wastewater treatment services for textile and dyeing industries in Guangdong Province. After 10 years of development, our services has covered the whole value chain of the wastewater treatment and industrial water supply services industry, from design planning, procurement and construction, to operations and maintenance of the wastewater treatment and water supply facilities. On 25 September 2013, we successfully listed on the Main Board of the Stock Exchange of Hong Kong. We believe the listing will enhance not only our shareholders' base, but also the financial position and corporate brand of the Group, which will in turn be translated into greater profitability in future."
In 2003, the Group commenced construction of its flagship project, Guangzhou Xinzhou Industrial Park. In view of its strong wastewater treatment capacity and advanced technology, the Industrial Park was named "Key National Model Project for Practical Technology in Environmental Protection" by the China Environmental Protection Industry Association in 2007 and 2012 respectively, and was recognized by the Guangdong Province Environmental Protection Industry Association in 2011 as a leading industrial park with the largest centralized wastewater treatment facilities in terms of treatment capacity for the textile industry in the province. In addition, the Group's Guangzhou Xintao Wastewater Treatment Company Limited received the Certificate for High and New Technology Enterprise and National Level A Qualification Certificate for Operation of Environmental Pollution Treatment Facilities.
It is estimated that the total output of sludge in China will double to 46 million tones by the end of 2015 from 23 million tones in 2010. As untreated sludge can cause severe pollution to the environment, the Group intends to seize the opportunity to expand its operations into the highly promising sludge treatment business. In March 2013, the Group obtained a sludge treatment permit, allowing it to provide sludge treatment service to third party, which is expected to make profit contribution to the Group in the second half of 2013.
Currently, CTEG operates four wastewater treatment plants, one industrial water supply plant and one sludge treatment plant in Guangdong province, and operates one wastewater treatment plant in Hunan Province. These facilities have an aggregate daily capacity of 365,000m3 for wastewater treatment, 150,000m3 for industrial water supply and 200 tones for sludge treatment. By the end of 2013, the Group's Yonghe Haitao Wastewater Treatment Facility (Phase lll) and Sichuan Guangyuan Textile and Apparel Technology Industrial Park Treatment Facility (Phase l) will add another 100,000m3 per day to its wastewater treatment capacity and another 50,000m3 per day to its industrial water supply capacity.
Chairman Mr. Tsui concluded, "We expect that the implementation of stricter environmental protection requirements in the wastewater treatment industry will result in significant business opportunities in the coming years. In addition, with new wastewater treatment facilities commencing operation, and the second half is the traditional high season for the industry, we are confident that 2013 will be a fruitful year for CTEG."
About CT Environmental Group Limited
Headquartered in Zengcheng city in Guangdong province, CTEG provides one-stop centralised and customised wastewater treatment and industrial water supply services. CTEG has historically focused on providing wastewater treatment and industrial water supply services to the textile industry and has subsequently extended wastewater treatment service to pulp and paper-making as well as food and beverages industry, with future plan to expand into other industries. The Group currently has treatment facilities in Guangdong and Hunan province, and is building new facility in Sichuan province. CTEG currently operates four wastewater treatment plants (including Yinglong Project held by Guangzhou Yinglong, of which CTEG owns a 46% equity interest) and one industrial water supply plant in operation in Guangdong province, as well as one wastewater treatment plant in operation in Hunan province. These facilities have daily aggregate constructed capacities of 365,000m3 for wastewater treatment, 150,000m3 for industrial water supply. Projects under construction or in the pipeline in Guangdong, Hunan and Sichuan provinces have total designed daily capacities of 205,000m3 for wastewater treatment and 100,000m3 for industrial water supply. Phase II of the Yinglong project will also provide an additional daily capacity of 150,000m3 for wastewater treatment upon completion of construction. The planned designed capacity of Guangzhou Xinzhou Industrial Park sludge treatment facility and Yonghe Haitao sludge treatment facility is approximately 200 tones per day respectively. http://en.chongto.com/
Media Enquiries
Strategic Financial Relations (China) Limited
Ms. Esther Lau
Tel: +852-2864-4845
Email: esther.lau@sprg.com.hk
Ms. Janice Au
Tel: +852-2864-4874
Email: janice.au@sprg.com.hk
Topic: Earnings
Source: CT Environmental Group Limited
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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