HIGHER higher contributions from projects in Asia lifted full year earnings by 15 per cent at water solutions company Hyflux.

Earnings were $61 million for the 12 months to Dec 31 while revenue rose 42 per cent to $682.4 million.

Hyflux said projects in Asia (excluding China) contributed 73 per cent of total revenue last year.

China itself contributed 23 per cent of total sales while contributions from Middle East and North Africa markets were 4 per cent.

In 2011, contributions from Asia ex-China were 47 per cent, with China at 29 per cent and the Middle East and North Africa region at 24 per cent.

Hyflux said the changing percentages reflected the shift in the geographical mix of projects as major desalination developments in the Middle East and North Africa were completed.

"Hyflux has over the years been working on growing predictable and recurring revenues," said the firm in a statement.

"Today, the group is seeing rising recurring income streams from its operations and maintenance business, asset returns, membrane sales and other services."

Earnings per share were 4.43 cents last year, up from 4.30 cents in 2011, while net asset value per share was 55.8 cents at Dec 31, from 60.6 cents a year earlier.

The company proposed a final dividend of 2.5 cents per share. It had earlier paid out an interim dividend of 0.7 cent per share, so the total dividend amount for the whole year is 3.2 cents per share.