DBS Equity Research has downgraded its recommendation on Citic Envirotech with a target price of S$0.34 after the environmental engineering services company posted a bottom-line slump for the second quarter and the first half of FY2019.
After market close on Wednesday, Citic Envirotech reported a 66 per cent drop in net profit to S$14.7 million for the quarter ended June from S$43.3 million a year ago. Second-quarter revenue shrank 30.3 per cent to S$202.8 million, mainly attributed to a 30 per cent decrease in the engineering business and a 44.7 per cent decrease in membrane system sales.
While the provider of environmental engineering services notched quarter-on-quarter improvements in the construction and membrane solution segments for Q2, Ms Yeung said that it is"uncertain if the improvement can be sustained".
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Sumber: BusinessTimes - 🏆 15. / 51 Baca lebih lajut »
Sumber: BusinessTimes - 🏆 15. / 51 Baca lebih lajut »