Chinese Billionaire's Wastewater Management Company Reports 25% Rise in 1st-Half Profit

Beijing Originwater Technology, one of China?s largest sewerage and wastewater management companies, said today first-half profit increased by 25% from a year earlier as it expanded into new markets.

Profit at Originwater, whose Shenzhen-traded shares have more than doubled in the past year, climbed to 102 million yuan, or $17 million, compared with 80.7 million yuan in the first six months of 2012.? Sales totaled 823 million yuan, an increase of 76% from last year.? The company has benefitted from government policies to encourage urbanization in the world?s most populous nation. ?

Chairman Wen Jianping, who owns about a quarter of Beijing Originwater, ranked No. 1,342 on the 2013 Forbes Billionaires List with wealth of $1 billion. ?He founded the company with classmates from the University of New South Wales.

? with Maggie Chen

? Follow me on Twitter @rflannerychina

Source: http://www.forbes.com/sites/russellflannery/2013/07/29/chinese-billionaires-wastewater-management-company-reports-25-rise-in-1st-half-profit/?utm_source=allactivity&utm_medium=rss&utm_campaign=20130729

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