China Everbright Water's Q2 income sinks 30% to about $14.08m

Blame it on a spike in expenses.

Expenses drowned China Everbright Water Limited's (CEWL) profits for Q2, as the company's earnings for the quarter sank 30% YoY to HKD 81.42m (roughly about $14.08m).

According to the company's media release, CEWL's net income was dragged down by raised administrative expenses, finance costs, and income tax expenses.

As such, attributable net profit for Q2 plunged 30% YoY to HKD 77.49m. Revenue jumped 31% YoY to to HKD 668.50m, while gross profit inched up 1% to HKF 227.65m.

Meanwhile, CEWL noted that it clinched four water projects in 1H16, contributing an additional waster water treatment capacity of 455,000 sqm per day.

"These projects include 1) Zhangqiu No.1 and Zhangqiu No.2 Waste Water Treatment Plants; 2) Zhenjiang Sponge City PPP Project; 3) Xinyi Waste Water Treatment Projects; 4) Qingdao Waste Water Treatment Upgrading Project (Maidao Plant)," CEWL revealed.

The company also completed construction on four waste water treatment projects, while two commenced construction.