SIIC Environment Q4 profit dips 11.9%

SIIC Environment reported an 11.9 per cent drop in net profit to 150.1 million yuan for the fourth quarter last year, from 170.4 million yuan for the year-ago period.

Earnings per share stood at 5.77 fen for the quarter, down from 6.54 fen a year ago, the water and solid waste treatment company said in a filing on Wednesday night. Other gains and losses plunged 98.8 per cent on the year to a gain of 1.4 million yuan for the quarter, from a gain of 115.2 million yuan previously. This was largely because the company in 2018 recorded gains on disposal of subsidiaries and from bargain purchase of investment in subsidiaries, but there were no such cases in 2019, SIIC Environment said.

Meanwhile, share of results of associates fell into the red, amounting to a loss of 4.3 million yuan, versus a profit of 1.1 million yuan a year ago, due to lower contribution from associates. Revenue for Q4 edged up by 5.6 per cent to 1.47 billion yuan, from 1.39 billion yuan a year ago. This was due to higher revenue from all segments except for construction revenue, service income and financial income from service concession arrangements.

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