Hyflux's Q1 profit jumps 395% to S$5.7m on China, Mideast projects
Posted: 13 May 2008 2042 hrs

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SINGAPORE : Water treatment firm Huflux posted robust results for its first quarter. The company said its net profit jumped nearly five-fold, or up 395 percent to S$5.7 million. Revenue also jumped five-fold - up 412 percent - to S$89.6 million.

Hyflux said its first-quarter performance was boosted by revenue in the municipal sector, contributed by sales in China and the Middle East & North Africa (MENA) regions. These two regions were the main growth drivers for the company, accounting for 96 percent of total revenue in the first quarter.

The company was awarded more than 40 projects covering wastewater treatment and water recycling across China. It also won the bid to build the world's largest reverse osmosis membrane desalination plant in Magtaa in western Algeria.

Hyflux said its order book now stands at S$1.5 billion.

Looking ahead, Hyflux said the fundamentals of environmental and water industries remain favourable and the outlook in the medium term continues to be positive. Its various water plant projects will generate recurring revenue stream in the next 25 to 30 years. - CNA /ls