Hyflux reports big surge in Q1 earnings but warns of slow year

SINGAPORE - Water treatment firm Hyflux posted first-quarter profit of $37.9 million, up from $8 million a year earlier.

Revenue for the three months to March 31 was $88.3 million, a fall of 29 per cent.

The group said this reflected the timing of project commencements.

Earnings per share was 3.47 cents, up from 0.25 cents a year ago. Net asset value was 60.2 cents, up from 58.4 cents as at Dec 31.

Hyflux said it anticipates a slow year ahead, due to the timing of project commencement and delay in operational readiness of the national power grid to connect to its Tuaspring plant.

It said it will continue to focus on achieving financial close for its 336,000 cubic metres a day desalination project in Dahej within this year.

"The outlook for the global water industry is positive, and we see more projects being made available for bidding over the next 12 months," it said.