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Hyflux Q1 net profit down 85% to S$5.6m on lack of divestment gains

WATER solutions firm Hyflux posted a net profit of S$5.6 million for its first quarter ended March 31, 2015, down 85 per cent from S$37.9 million a year ago.

Revenue was down 32 per cent to S$60.4 million from S$88.3 million a year ago, mainly due to lower engineering, procurement and construction activities.

Lower net profit was due to other income falling 53 per cent to S$27 million from S$56.9 million a year ago. Included in other income a year ago was a S$54.1 million gain after the group sold its investments in a joint venture and an associate.

Hyflux closed Thursday trading at 86.5 cents, down 1.5 cents or 1.7 per cent, before the results were released.