Hyflux's loss widens as Tuaspring's woes drag on
Singapore
WEIGHED down by the loss-making desalination and power plant Tuaspring, water treatment firm Hyflux chalked up a loss of S$22.21 million in the first quarter ended March 31, 2018, widening from a restated loss of S$64,000 a year ago.
Excluding Tuaspring, Hyflux earned a net profit of S$1.04 million, down 96 per cent from the corresponding quarter a year ago when it recorded a one-off gain of S$16.5 million from the disposal of its stake in Galaxy Newspring.
The weak Singapore electricity market recorded an uptick in wholesale electricity prices in March this year, resulting in a lower loss of S$23.2 million for Tuaspring for the quarter, compared to a S$27 million loss in Q1 2017, Hyflux highlighted. In February last year, it announced that it was exploring a partial divestment of Tuaspring, whi…
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