Hyflux Q1 profit soars on $56.9m divestment gain

HYFLUX Ltd posted a significant lift in net profit for the first quarter, thanks to a one-time divestment of a joint venture project. The water treatment company said that net profit for the three months ended March 31, 2014, stood at $37.91 million, up from $8.04 million a year ago.

This translated to earnings of 3.47 cents per share, up from 0.25 cent per share. The boost came mainly from a one-time gain of $56.9 million from its divestment of a joint venture with Marmon Water in the quarter.

Revenue for the three-month period was down 29 per cent at $88.3 million, reflecting the timing of projects' commencement this year.