Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Singapore’s Hyflux Profit Slides on Water Project Timing

Feb. 20 (Bloomberg) -- Hyflux Ltd., Singapore’s biggest publicly traded water company, said 2013 profit fell 28 percent because of the timing of projects finished during the year.

Net income was S$44 million ($34.8 million) compared with S$61 million a year earlier, the Singapore-based company said today in a statement. Sales slid 18 percent to S$535.8 million.

Hyflux and Singapore’s national water agency PUB opened Tuaspring, the city-state’s largest seawater reverse-osmosis desalination facility, last September. The company expects a slower first half this year due to works being completed and the timing of projects, it said in the statement.

The company is focusing more on actively bidding for projects in the Middle East and Africa beyond its established markets in Asia and Algeria. “The outlook for the global water industry has improved and more water infrastructure projects are being made available for public tenders,” it said.

The stock has gained 6 percent this year in Singapore trading compared with a 2.6 percent decline by the benchmark Straits Times Index. Hyflux closed unchanged at S$1.24 today. The results were released after the close of trade.

The company also said it’s seeking to achieve financial close for its Dahej project in India in the first half.

To contact the reporter on this story: Winnie Zhu in Singapore at wzhu4@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.