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Hyflux Profit Surges 74% on Water Projects as Revenue Climbs

Nov. 7 (Bloomberg) -- Hyflux Ltd., Singapore’s largest publicly traded water company, reported a 74 percent rise in third-quarter earnings, buoyed by municipal projects in Asia.

Net profit was S$25.3 million ($20.4 million) compared with S$14.5 million for the year-earlier period, the company said today in a statement. Third-quarter revenue rose 26 percent to S$187.7 million.

Completion of projects “markedly lifted growth” while the China market contributed 4 percent to total revenue in the quarter, a drop from 14 percent a year earlier. Hyflux also said it’s “actively pursuing desalination and water-recycling opportunities in the industrial water sector.”

Hyflux and Singapore’s national water agency PUB opened the city-state’s largest seawater reverse-osmosis desalination facility, Tuaspring, in September. Given the Dahej desalination project in India that’s on course for financial close in 2014 and Tuaspring’s completion, Hyflux said it anticipated a slower fourth quarter. The shares have fallen 8.6 percent this year.

Link to Company News:{HYF SP <Equity> CN <GO>}

To contact the reporter on this story: Randall Hackley in London at rhackley@bloomberg.net

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net

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