CHINA Everbright Water’s net profit for the first half ended Jun 30, 2024, fell 8 per cent to HK$581.1 million (S$98.8 million) from HK$632.2 million in H1 FY2023.
The dual-listed environmental services group on Tuesday (Aug 13) announced that its board has recommended an interim dividend of HK$0.0609 per share, or the equivalent of S$0.0105 per ordinary share.
This is down from the prior year’s per-share interim dividend of HK$0.0663, or S$0.0113.
Earnings per share (EPS) for H1 stood at HK$0.2031, below the prior year’s EPS of HK$0.221.
The bottom line fell despite a 9 per cent higher H1 revenue of HKS$3.4 billion versus HK$3.1 billion, driven mainly by growth in the construction service segment, which more than offset lower contributions from operation and finance income.
Gross profit margin dipped eight percentage points to 38 per cent as there was a higher proportion of revenue from the construction service segment, which has a lower margin than operation services.
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Direct costs and operating expenses grew 25 per cent to HK$2.1 billion from HK$1.7 billion a year prior, driven primarily by the increase in cost of construction services.
For the first half of the fiscal year, the group registered a HK$1.1 million share of loss of associates as opposed to HK$1.1 million in share of profits in H1 FY2023.
Its share of profit of a joint venture fell 45 per cent year on year to HK$689,000 versus HK$1.3 million previously.
Citing China’s development resilience and positive economic recovery momentum amid a “complex and volatile” political and economic landscape, China Everbright said the industry’s long-term prospects “remain hopeful and promising”.
Shares of China Everbright on the Singapore Exchange’s mainboard were flat at S$0.245 as at the midday trading break on Tuesday, before the release of its financial results.
