Hyflux Profit Surges 74% on Water Projects as Revenue ClimbsRandall Hackley
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.