Sound Global: 2Q10 results. Revenue +36% yoy to RMB 411m, driven by rising contributions across all three core segments. The manufacturing segment saw higher sales of customized environmental eqpt, the operation and maintenance segment gained from more BOT wastewater treatment projects, and the EPC segment saw progressive completion of projects…
Net profit -4% to RMB 74.5m was disappointing, due to one-off expenses of RMB18m related to the dual-listing exercise in HK (subsequently postponed). Otherwise, core net profit was up 20% yoy. Mgt expects future growth to be underpinned by more BOT contract wins. DBS downgrades to Hold, with $0.84 target, vs $1.20 previously, as the catalyst in HK dual-listing failed to materialize.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment