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 firstname.lastname@example.org