Mainboard-listed United Envirotech, the membrane-based water and wastewater treatment solutions provider, says in net profit for the three months ended 30 September 2009 (2QFY2010) rose 182.4% year-on-year to $3.1 million.

The group also recorded a 25.2% y-o-y increase in revenue amounting $11.3 million. The improved set of results in 2QFY2010 was mainly due to higher engineering and recurring income for the period.

In line with a higher proportion of revenue recognised from the design stage of the newly secured contracts as compared to a higher proportion of revenue recognised from the construction and installation of the projects during the previous period, the group recorded a 16.2% y-o-y decrease in materials purchased, consumables used, and subcontractor fees to $4.3 million in 2QFY2010 from $5.1 million in 2QFY2009.

Due to new contracts secured during the period, United Envirotech says the group incurred higher costs associated with design fees and pilot testing. As such, other operating expenses saw a 58.6% y-o-y increase to $1.9 million from $1.2 million in 2QFY2009.

The group turned in a net profit for the period of $3.1 million in 2QFY2010, representing a 182.4% y-o-y increase. Earnings per share correspondingly increased y-o-y by 178.6% to 0.78 cents, as compared to 0.28 cents in 2QFY2009.