Hyflux profit dives despite surge in revenue

Singapore

DESPITE a more than doubling in revenue, Hyflux's second-quarter earnings nosedived, weighed down by a surge in costs for raw materials and sub-contractors and higher amortisation charges.

Net profit plummeted 90 per cent to S$2.6 million from S$26 million a year earlier. For the three months ended June 30, revenue jumped to S$260 million from S$94.8 million. The rise in revenue was due mainly to contribution by the TuasOne waste-to-energy project (WTE) and Qurayyat Independent Water Project (IWP) in the Sultanate of Oman, said Hyflux.