Hyflux Profit Rises Almost Five-Fold on Asset Disposals

Hyflux Ltd. (HYF), Singapore’s largest publicly traded water company, reported first-quarter profit increased almost five-fold to S$37.9 million ($30 million) from S$8 million a year ago following asset disposals.

Without one-time gains of S$56.9 million that included divestments of stakes in two units to Marmon Water Singapore Pte, revenue was 29 percent lower than the year-earlier period, Hyflux said today in a statement to the Singapore exchange.

Hyflux expects 2014 to be slow due to timing of project startups and a delay by the national power grid to connect to its Tuaspring desalination plant in Singapore, Asia’s biggest seawater reverse-osmosis desalination plant, it said.

Earlier this year, Hyflux set up a venture to explore water-treatment plants in Nigeria and agreed to a deal with Murray & Roberts Holdings Ltd., South Africa’s largest construction company by market value, to seek water projects in sub-Saharan Africa. The stock has gained 2.1 percent this year.

To contact the reporter on this story: Sanat Vallikappen in Singapore at vallikappen@bloomberg.net

To contact the editors responsible for this story: Randall Hackley at rhackley@bloomberg.net; Linus Chua at lchua@bloomberg.net Alex Devine

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