United Envirotech’s revenue up 58% to $20m in 3Q12

As its engineering income surged 44% to $14m in the quarter.

The Group’s revenue for the period was $20.1 million, which was $7.3 million higher than last corresponding period ended 31 December 2010 of $12.8 million, according to a financial statement. The increase was mainly due to the higher engineering income for the current period.

The engineering income increased from $8.0 million in the last corresponding period ended 31 December 2010 to $14.2 million in the current period ended 31 December 2011, an increase of $6.2 million. In addition, the treatment income also increased from $4.8 million in the last corresponding period ended 31 December 2010 to $5.9 million, an increase of $1.1 million.

The increase in material purchased, consumables used and subcontractors’ fees of $5.9 million as compared to the corresponding period ended 31 December 2010 was consistent with the increase in the engineering revenue.

Finance costs pertained to the interest expenses on the bank borrowings and the interest on the convertible bond. The increase in finance costs from $0.4 million to $2.9 million as compared to the last corresponding period ended 31 December 2010 was due to the interest on the convertible bond of $2.1 million. During the current period, the company issued an USD113.8 million convertible bond with 2.5% coupon and due 3 October 2016.

Share of profit of associate for the current period of $0.8 million pertained to contribution from the newly acquired associate, Maxrise Group, during the period.

The Group generated profit after tax of $1.9 million for the current period as compared to $4.1 million in the corresponding period ended 31 December 2010. The decrease in the profit after tax of $2.2 million was mainly due to the interest on the convertible bond of $2.1 (31 December 2010: Nil) and negative goodwill arising from the acquisition of a subsidiary in the corresponding year ended 31 December 2010 of $1.5 million.