Asset recycling strategy a fillip for Hyflux

HYFLUX's net profit for the second quarter ended June jumped from S$17.7 million to S$61.4 million even as revenue dropped 42 per cent, from S$138.4 million to S$80.6 million.

This was due to a surge in "other income" to S$85.3 million from S$4.5 million a year ago, due mainly to net gains on the sale and leaseback of the Hyflux Innovation Centre.

In Q1, the water solutions group's disposal of its investments in Hyflux Marmon Development and Marmon Hyflux Investments to Marmon Water (Singapore) amounted to S$54.1 million. This helped prop the "other income" contribution in H1 to S$142.2 million from S$6.4 million.