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SINGAPORE: Mainboard-listed water treatment firm, Hyflux, said on Wednesday its third quarter net profit rose 5 per cent to S$18.1 million from a year earlier.
This was despite a 29 per cent drop in revenue for the three months ended September to S$126.5 million.
Hyflux said its cost management measures have helped it to achieve an improvement in earnings. It added that the Middle East-North Africa region continued to perform strongly, accounting for 72 per cent of its revenue in the quarter.
Looking ahead, the company said despite the uneven recovery on the global economic front, the outlook for the environment and water industry remains positive.
It said the municipal sector will continue to be the key contributor to its revenue, particularly in the Middle East-North Africa region where its desalination projects are progressing well.
Meanwhile, the performance of its industrial sector will be largely dependent on the rate of recovery of China's economy and the pick-up in industrial and manufacturing sectors.
CEO Olivia Lum said along with the firm's continued focus on cost control, human capital development and in technology investments, Hyflux is well positioned to capture the growth opportunities going forward.
- CNA/so
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