China Environment says it achieved a net profit after tax attributable to equity holders of RMB15.4 million ($2.9 million) for the three months ended 31 March 2011 (1Q2011) with revenue of RMB120.8 million ($22.9 million).
The bulk of its revenue came from its mining and steel segment which accounted 39.4% of the total revenue, 33.0% from the power generation segment and 23.0% from the cement segment. This is followed by the paper, chemical and other industries making up the remaining 4.6%.
China Environment says revenue for the quarter was lower compared with the same period last year mainly due to power restriction measures imposed by the Chinese government since the second half of 2010 for the purpose of meeting its environmental control targets, which affected our production progress.
For 1Q, the group saw the completion of 10 projects, with 12 others ongoing projects as at 31 March 2011. In the corresponding period last year, the group completed seven projects and had eight ongoing projects. Despite more projects were completed in 1Q2011, the contract values of these projects were smaller compared to 1Q2010.
The group’s outstanding order book stands at RMB73.3 million with all the projects scheduled for completion in year 2011.
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