Hyflux earnings fall 28% to $44m

HYFLUX posted a 28 per cent drop in net profit for fiscal 2013, on the back of an 18 per cent drop in revenue.

The water management and environmental solutions provider's net profit fell to $44 million, or 2.42 cents earnings per share for the year ended Dec 31, from $61 million, or 4.43 cents earnings per share a year ago.

Revenue fell to $535.8 million for fiscal 2013, from $654.8 million a year ago. This reflected the timing of projects completed during the year, Hyflux said. For fiscal 2013, the municipal sector continued to be the main contributor, with Asia ex-China accounting for 87 per cent of revenue. China accounted for 9 per cent while the Middle East and North Africa made up the remaining 4 per cent.