United Envirotech earnings down 11.7% to S$7.1m

Firm needs to corral rising expenses.

United Envirotech Ltd (UEL) reported 2QFY14 revenue of S$52.0m, down 3.6% YoY but up 17.9% QoQ, which OCBC Investment Research said was driven by higher recurring water treatment revenue (+56.6% YoY, +20.1% QoQ) to S$15.5m.

While net profit was down 11.7% YoY to S$7.1m, it was up 24.4% QoQ

For 1HFY14, revenue climbed 11.7% to S$96.0m, or 45.9% of our FY14 forecast, while net profit slipped 7.9% to S$12.9m, meeting 28.9% of OCBC's full-year estimate, mainly due to higher-than-expected operating and interest expenses.

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