Hyflux's Q1 net profit up 30%

HYFLUX on Thursday posted a 30 per cent increase in net profit attributable to company owners to S$7.3 million for the first quarter ended March 31, 2016, up from S$5.6 million a year ago.

This came on the back of an over four-fold growth in revenue from S$60.4 million to S$248.3 million in Q1 2016, contributed mainly by TuasOne waste-to-energy project and Qurayyat Independent Water Project in the Sultanate of Oman.

Olivia Lum, executive chairman and group chief executive officer of Hyflux, said: "We remain cautious on the market due to the short-term challenges arising from depressed oil prices and slower economic growth. In the next 12 months, we will focus on executing our order book with the ongoing construction of the Qurayyat IWP in Oman, projects in the Kingdom of Saudi Arabia and the TuasOne WTE project in Singapore."

The company will continue to pursue projects in the Middle East, Africa, Americas and parts of Asia, as well as explore divestment opportunities to recycle capital for growth, she added.