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| Tuesday, 28 February 2012, 19:04 HKT/SGT | |
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Source: Sound Global | |
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| Profit for the Year increased 43.1% to RMB413.8 million |
HONG KONG, Feb 28, 2012 - (ACN Newswire) - The board of directors ("the Board") of Sound Global Ltd. ("Sound Global", or the "Company"; Stock Code: 967.HK; E6E.SI) is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2011 ("the Year" or "FY2011").
- Revenue for FY2011 increased by 29.6% to RMB2, 287.6 million;
- Gross profit for FY2011 rise by 34.7% to RMB722.1 million;
- Gross margin for FY2011 increased from 30.4% to 31.6%;
- Profit for the Year increased by 43.1% to RMB413.8 million;
- Basic earnings per share for the Year increased from RMB22.41 cents to RMB31.32 cents;
- Proposed final dividend of S$0.01 per share in respect of the Year ended December 31, 2011;
Revenue distribution from turnkey projects and services
Turnkey revenue increased by 34.7% from approximately RMB1,610.6 million in 2010 to RMB2,169.6 million in 2011 as the Group expands its operations. Profit contribution from turnkey projects and services increased by 27.8% from approximately RMB413.4 million in 2010 to approximately RMB528.2 million in 2011.
Revenue from equipment fabrication segment
Revenue from equipment fabrication segment increased by 35.5% from approximately RMB176.6 million in 2010 to RMB239.2 million in 2011. Profit contribution from equipment fabrication segment increased by 88.1% from approximately RMB27.7 million in 2010 to approximately RMB52.0 million in 2011. These increases were mainly due to the business expansion as revenue from Beijing Hi-Standard Water Treatment Equipment Co., Ltd ("Hi-Standard") was largely attributable from inter-segment.
Revenue from operations and maintenance segment
Revenue from operations and maintenance segment increased by 95.0% from approximately RMB30.6 million in 2010 to approximately RMB59.8 million in 2011. Profit contribution from operations and maintenance segment increased by 23.5% from approximately RMB21.9 million in 2010 to approximately RMB27.1 million in 2011.Revenue and profit increased as three additional BOT projects started its operations in 2011. One of the subsidiaries, Hainan Baichuan Water Co. Ltd, which operates and manages municipal wastewater treatment plants, also contributed higher revenue and profit in 2011.
Gross Profit and Gross Profit Margin
Gross profit increased by 34.7% from approximately RMB536.1 million in 2010 to approximately RMB722.1 million in 2011. The increase in 2011 was due to the higher revenue and the stable gross profit margin throughout the financial year. The gross profit margin increased by approximately 1.2% from approximately 30.4% in 2010 to approximately 31.6% in 2011. Given the nature of the turnkey projects, where revenue is recognised based on the percentage of completion, the gross profit margin for engineering works would fluctuate from quarter to quarter depending on the amount of revenue recognised for the relevant projects during the quarters in review. On a year-to-year basis, the gross profit margin remained relatively stable at around 30%.
Profit Attributable to Owners of the Company
Profit attributable to owners of the Company increased by approximately 43.1% from approximately RMB289.1 million in 2010 to approximately RMB413.8 million in 2011.The increase in 2011 was mainly contributed by the turnkey.
In the Year, the Group has won the bidding and signed seven project agreements. One is a bid to build and operate wastewater treatment plants in 5 rural towns, the regional water supply and the regional wastewater treatment in Jiangyan City, Jiangsu Province on October 2011. The Total investment of the project is approximately RMB480 million. The Group will invest, build, operate and transfer ("BOT") the wastewater treatment plants in 5 rural towns with a total daily treatment capacity of 13,000 tonnes, the building and transfer ("BT") of the ancillary facilities for wastewater pipe networks, and the BT of the water supply pipe networks. The other is a bid for the municipal wastewater treatment project in Dongtai, Anshan City, Liaoning Province on October 2011. The Total investment of the project is approximately RMB202.7 million. The Group will invest and construct a wastewater treatment with a current designed capacity of 100,000 tones per day as a Build, Operate and Transfer (BOT) Project.
Sound Global's Executive Chairman, Mr. Wen Yibo, said, "We will continuously expand share in the EPC market and consolidate leading market position by proactively seeking Sewage Treatment Plant Upgrade and Improvement Project; expand the source of stable income, such as BOT and O&M projects; continue to expand its international business steadily, including EPC and equipment sales, extending its coverage to emerging markets and developing countries. Looking forward, a rapid growth in the construction of sewage treatment plants for small-sized cities is expected. By fully leveraging on our strengths in the technology, management and integrated industrial chain, as well as developing and applying the state-of-art patent technology, the Company, through centralised, modularised and clustered management, will formulate an economically viable solution for the environmental management in the towns and rural areas in the PRC."
Contact:
Wonderful Sky Financial Group Company Limited
Hon Fung / Olive Zhang / Sarah Chan / Catherine Zhou
Ext: +852 3970 2120 / 3970 2203 / 3970 2206 / 3970 2205
Tel: +852 2851 1038
Fax: +852 2865 1638
Email: hf@wsfg.hk / olivezhang@wsfg.hk / sarahchan@wsfg.hk / catherinezhou@wsfg.hk
Topic: Earnings
Source: Sound Global
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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