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Hyflux 2012 Profit Rises 15% on Asia Projects, Municipal Sector
Feb. 21 (Bloomberg) — Hyflux Ltd., Singapore’s biggest publicly-traded water company, reported a 15 percent gain in full-year 2012 profit on increased revenue from municipal contracts and projects in Asia outside of China.
Profit rose to S$61 million ($49.1 million) from $53 million a year earlier, the company said today in a statement. Revenue for the year climbed 42 percent to S$682.4 million.
Hyflux, which built Singapore’s first water-recycling plant, said expanding operations and maintenance works boosted its order book to S$1.9 billion, almost double from 2011. Contracts from the municipal sector accounted for 92 percent of total revenue, with projects from Asia outside of China contributing 73 percent, up from a 47 percent share in 2011.
“This reflected the shift in geographical mix of projects as major desalination projects in Middle East and North Africa were completed during the year,” according to the statement.
Hyflux shares have gained 5.5 percent this year.
To contact the editor responsible for this story: Linus Chua in Singapore at email@example.com