Singapore’s Hyflux Says Profit Fell 28% on Water Project Timing

Feb 20, 2014 7:57 am ET

Feb. 20 (Bloomberg) -- Hyflux Ltd., Singapore’s biggest publicly traded water company, said 2013 profit fell 28 percent because of the timing of projects finished during the year.

Net income was S$44 million ($34.8 million) compared with S$61 million a year earlier, the Singapore-based company said today in a statement. Sales slid 18 percent to S$535.8 million.

Hyflux and Singapore’s national water agency PUB opened Tuaspring, the city-state’s largest seawater reverse-osmosis desalination facility, last September. The company expects a slower first half this year due to works being completed and the timing of projects, it said in the statement.

The company is focusing more on actively bidding for projects in the Middle East and Africa beyond its established markets in Asia and Algeria. “The outlook for the global water industry has improved and more water infrastructure projects are being made available for public tenders,” it said.

The stock has gained 6 percent this year in Singapore trading compared with a 2.6 percent decline by the benchmark Straits Times Index. Hyflux closed unchanged at S$1.24 today. The results were released after the close of trade.

The company also said it’s seeking to achieve financial close for its Dahej project in India in the first half.

--With assistance from Randall Hackley in London. Editors: Madelene Pearson, Randall Hackley