Hyflux full-year profit falls 28% on weaker divestment gains

WATER treatment firm Hyflux Ltd on Thursday posted a 28 per cent fall in full-year net profit on weaker divestment activities.

Net profit for the 12 months ended Dec 31, 2015, stood at S$41.3 million, compared to S$57.5 million a year ago.

The group locked in disposal gains that included S$15.8 million from the sale of one of the group's buildings. But these paled in comparison to the divestment activities in 2014, which generated gains of S$103.8 million from the sale and leaseback of Hyflux Innovation Centre, as well as a S$54.1 million gain from disposal of the Marmon entities.

Revenue rose 39 per cent to S$445 million, contributed mainly by the Qurayyat Independent Water Project in the Sultanate of Oman, and a desalination system in the Kingdom of Saudi Arabia.