Company Briefs: Hyflux; ​Vallianz

Hyflux

Water-treatment firm Hyflux posted third-quarter profit of $21.5 million, up from $6.4 million a year earlier.

Revenue for the three months to Sept 30 was $294.88 million, compared with $133.5 million last year.

Profit after tax and minority interests surged 234 per cent, compared with $6 million last year.

It attributed the higher numbers to the TuasOne Waste-to-Energy project and Qurayyat Independent Water Project in Oman.

The Qurayyat project, a seawater reverse osmosis desalination plant, is Hyflux's desalination project in Oman.

Singapore and the Middle East are the company's key markets, with Singapore accounting for 75 per cent of revenue, and the Middle East, 21 per cent.

Earnings per share for the quarter was 0.38 cent, up from a loss of 0.75 cent a year ago. Net asset value was 38.8 cents, down from 54.2 cents as at Dec 31.

Owing to the sustained decline in oil prices and weak power market in Singapore, the group remains cautious on the business outlook in the near term.


Vallianz

Offshore engineering group Vallianz Holdings assured bond holders that it will redeem the $60 million notes maturing at the end of this month in full.

It told the Singapore Exchange (SGX) yesterday that the notes will be funded by internally generated capital, as well as advances from its second-largest shareholder, Saudi Arabian-based conglomerate Rawabi Holding Company.

Rawabi's support demonstrates its strong commitment to Vallianz and confidence in the group's continued progress, said Vallianz.

Once the notes are redeemed, the company will not have any outstanding debt under its multi-currency debt issuance programme.

The firm is a former associate of beleaguered energy company Swiber Holdings, which filed a petition to wind up and liquidate itself in July after facing US$25.9 million (S$35.9 million) of demands from creditors.

Last week, there were disturbing reports that Vallianz had abandoned crew aboard three vessels.

The company had told the SGX that it was not the owner of the three vessels and that it had begun the process of paying workers their wages and would settle the outstanding salaries by the end of last month.

A version of this article appeared in the print edition of The Straits Times on November 04, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe