Hyflux's earnings boosted by project completions in Q3

Hyflux's earnings boosted by project completions in Q3
Hyflux Innovation Centre in Bendemeer Road, which houses the water treatment company's offices and engineering design and technology commercialisation departments.

SINGAPORE - Hyflux net profit soared 74 per cent to $25.3 million in the third quarter from the preceding year, it said on Thursday.

Get the full story from The Straits Times.

Here is the full statement from Hyflux:

Singapore, 6 August 2013 - Hyflux Ltd (or the Group) today reported a marginal rise in profit after tax and minority interests (PATMI) in the second quarter of FY2013 to S$17.7 million compared to S$17.5 million previously despite a 25 per cent fall in group revenue to S$138.4 million from S$183.6 million.

Due to effective cost management, the gross margin recorded for the second quarter of FY2013 was 42 per cent, an improvement from 33 per cent in the same reporting period in FY2012.

In the first six months of FY2013, the Group's PATMI showed a 2 per cent increase to S$25.7 million, while total revenue was 18 per cent lower at S$262.9 million.

Asia ex-China continued to drive revenue contributions, making up 86 per cent of the Group's total revenue in the second quarter and 87 per cent in the first six months of FY2013.

The Middle East and North Africa (MENA) region made marginal contributions as the markets in the region were just resuming their water infrastructure development programme. The lower revenue contributions from China were the result of macro factors.

The Group's net gearing was 0.8 times as at 30 June 2013 with a cash position of S$375.1 million.

An interim dividend of 0.7 Singapore cents per ordinary share has been declared for the six months ended 30 June 2013.

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