Hyflux reports Q2 net loss

SINGAPORE - Water and energy firm Hyflux reported a net loss of $25.1 million for the three months to June 30, compared with a net profit of $2.6 million the same period a year earlier.

The net loss includes the up-for-sale Tuaspring plant, which the firm noted "contributed losses of $20.9 million due to weak power spreads in the Singapore market".

If the impact of Tuaspring is excluded, Hyflux would have recorded a quarterly net loss of $4.2 million, compared with a net profit of $35.4 million the same period a year earlier.

Revenue dropped 65 per cent to $81.8 million, owing to lower engineering, procurement and construction activities for the TuasOne Waste-to-Energy project here, and the Qurayyat Independent Water project in Oman.

Quarterly loss per share was 4.91 cents, compared with a 1.58 cent loss a year earlier, while net asset value was 28.9 cents a share as at June 30, compared with 45.1 cents at Dec 31 last year.