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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
iFast Q1 net profit surges on ePension unit performance
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution
US: Wall St opens lower as Meta Platforms, economic data weigh
Sheng Siong Q1 net profit up 9.3% on higher revenue
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
Changi Airport’s Q1 passenger movements surpass pre-pandemic levels