Debt is millstone around Hyflux's neck: NUS don

Hyflux Innovation Centre (HIC) located at 80 Bendemeer Road.
Hyflux Innovation Centre (HIC) located at 80 Bendemeer Road. PHOTO: HYFLUX

A Hyflux chief executive officer Olivia Lum said its Tuaspring desalination and power plant could not escape the impact of depressed electricity prices in Singapore. As a result, 2017 marked the first full year of losses in its operating history. Although improvements in wholesale electricity prices reduced losses in the last few months, this was insufficient.

She said recent plans to divest the Tuaspring project here and the Tianjin Dagang plant in China have taken longer than thought, and this has added stress to the business. Hyflux's market capitalisation has fallen from $2.1 billion in 2010 to $165 million.

Please or to continue reading the full article. Learn more about ST PREMIUM.

Enjoy unlimited access to ST's best work

  • Exclusive stories and features on multiple devices
  • In-depth analyses and opinion pieces
  • ePaper and award-winning multimedia content
A version of this article appeared in the print edition of The Straits Times on May 24, 2018, with the headline 'Debt is millstone around Hyflux's neck: NUS don'. Print Edition | Subscribe