Hyflux posts 55% drop in Q3 earnings to $11.3 million

SINGAPORE - Hyflux has posted a 55 per cent drop in third-quarter net earnings to $11.3 million.

This was on the back of a 46 per cent fall in revenue to $101 million for the three months to Sept 30, reflecting the timing of project commencement .

Municipal sector continued to be the main contributor to the group's revenue, accounting for 84 per cent of total revenue.

This was down from 95 per cent in the same period last year.

Revenue from the industrial sector made up 15 per cent of group revenue, increased from 3 per cent previously.

Asia, ex-China, remained the major revenue contributor , representing 81 per cent of total revenue. However, this was a drop from 93 per cent in the same period last year.

Loss per share amounted to 0.07 cent, reversing from earnings of 2.33 cents previously while net asset value per share firmed to 61.8 cents compared to 58.4 cents as at Dec 31.