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SINGAPORE: Water treatment firm Hyflux has said its third quarter net profit more than doubled, surging 159 per cent on-year to S$17.3 million.
This was achieved on a record revenue of S$177.4 million for the quarter ended September, also more than doubling on-year.
Hyflux said the improved performance was due to increased municipal sales in its China, Middle East and North Africa operations.
In China, Hyflux has 44 plants ranging from wastewater treatment, water recycling to seawater desalination, with the primary focus in the Jiangsu, Tianjin, Hebei and Shandong provinces.
It also has two desalination plants in Algeria.
Sales in China accounted for 67 per cent of total revenue, while the Middle East and North Africa region contributed approximately 31 per cent of total revenue in the third quarter.
As for its prospects, Hyflux said the global economic slowdown may result in higher borrowing costs in the short term.
Industrial sales of membrane systems to sectors such as petrochemical and pharmaceutical will likely be impacted by the economic slowdown in China.
The company added that it is focused on building its order book.
- CNA/yt
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