China Water Affairs Announces FY2009/10 Interim Results
Published In: Business, China 
Thursday, December 3, 2009 1:33 AM
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HONG KONG, Dec. 3 /PRNewswire-Asia/ -- China Water Affairs Group Limited
("China Water Affairs" or the "Company", stock code: 00855.HK), one of the
leading integrated water services operators in China, today announced
unaudited interim results of the Company and its subsidiaries (the "Group")
for the six months ended 30 September 2009 (the "Review Period").



Results Highlights:
For the 6 months ended 30 September
(HKD '000) 2009 2008 Change
Revenue 670,556 385,965 74%
Gross profit 251,915 136,649 84%
Profit / (Loss) from operations 340,355 (166,236) N/A
Net profit / (Net loss) 271,148 (171,642) N/A
Basic earnings / (Loss) per share
(HK cents) 17.48 (15.14) N/A
Interim dividend per share (HK cents) 2 -- N/A



During the Review Period, the Group's operating performance was
satisfactory. It achieved significant growth in its businesses, with total
revenue amounting to HK$671 million, a 74% increase over the last
corresponding period. Gross profit advanced 84% to HK$252 million. The gross
profit margin improved 2.2 percentage points to 37.6% when compared with the
same period last year. Net profit was HK$271 million. Basic earnings per
share were 17.48 Hong Kong cents. The board of directors recommended an
interim dividend of 2 Hong Kong cents per share.

During the Review Period, the integrated city water supply segment
generated revenue of HK$353 million, up 42% over the last corresponding period.
Of which, HK$244 million came from the water supply business, up 50%; while
the remaining HK$109 million was from the construction and meter installation
business, up 28%. Revenue from the sewage treatment segment was HK$16 million,
an increase of 7% over the last corresponding period. Revenue from the
infrastructure construction segment soared by 271% to HK$208 million.

As at 30 September 2009, total assets of the Group were approximately
HK$5,946 million, up 23% over the last corresponding period. Net assets
amounted to HK$3,167 million, an increase of 54% over the last corresponding
period. Cash and bank balances totaled HK$539 million, up 4% over the last
corresponding period.

"Benefiting from the government's stimulus measures, the economy of
Mainland China resumed growth momentum. As a result, urbanization and
industrial processes sped up. During the period under review, the performance
of our core business, city water supply, was encouraging amid the steady
overall growth of water supply. This segment remained our largest revenue
contributor and generated stable cash flow. During the period, we took various
measures to enhance operating efficiency, strove hard to raise water tariffs
and exercised stringent cost control so as to improve our core competitiveness
and to lay a solid foundation for sustainable growth," commented Mr. Mr. Duan
Chuan Liang, Chairman of China Water Affairs.

Looking ahead, Mr. Duan Chuan Liang said, "While focusing on the
development of the water business, the Group will spin off or dispose of non-
core assets at opportune times in order to create more investment value for
shareholders. Meanwhile, the proposed spin-off of tourism and property
projects in Xiannuhu, Jiangxi Province is still progressing. With the
sustained development of the Chinese economy and accelerating urbanization,
the government will continue its policy of integrating the water supply in
cities and counties so as to strengthen the management of the water industry.
These favorable factors are set to provide ample room for growth of our core
operations such as city water supply, sewage treatment and installation of
water facilities. We will continue to look for water projects with good
potential and to further improve the scale and efficiency of our water
business. Leveraging on our existing platform, we will work hard to integrate
our water supply and sewage treatment businesses and to further expand the
sewage treatment operation through acquisitions. By streamlining the value
chain of water business and related operations, we will continue to enhance
our overall operating efficiency, service quality and competitiveness."


About China Water Affairs Group Limited

China Water Affairs Group Limited is principally engaged in waterworks
investment and operation as well as other related businesses in the PRC. The
Group's businesses include urban water supply, water supply systems management,
sewage treatment, water ecology preservation and related value-added
businesses. Currently, the Group is undergoing rapid development, with
operations in over 20 cities including Guangdong, Jiangxi, Henan and Jiangsu.
A well established network with the Ministry of Water Resources of the PRC and
various local water authorities gives the Group a leading position in the PRC
water industry.

The press release is issued by PRChina Limited on behalf of China Water
Affairs Group Limited.


For investor and media enquiries:

PRChina
Henry Chik
Tel: +852-2522-1838
Email: hchik@prchina.com.hk

PRChina
David Shiu / Eric Song
Tel: +852-2522-1838
Email: dshiu@prchina.com.hk
esong@prchina.com.hk


SOURCE China Water Affairs Group Limited


 
Thursday, December 3, 2009 1:33 AM

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