Sinomem half year profit surge

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All three core Sinomem business segments reported higher profit margin as a result of an improving global business environment.

Sinomem revenues increased 24% year-on-year by to S$66.6 million, while cost of sales rose by 17%.

Sinomem executive chairman Dr Lan Weiguang said: “As expected, we managed to solidify our recurrent income base as majority of the BOT projects are near completion. This will enhance our liquidity position, allowing us to bid for bigger jobs.”

Sinomem says it is confident of its position in the Chinese municipal water treatment market as the Chinese government continues to increase its environmental protection and water resource development budget.

Last month, Sinomem announced that it had been selected as the first corporate partner for the S$63 million SPORE water research program, which is led by NUS, Peking University and the University of Oxford.