Moya Asia reports 25% jump in Q3 profit, revenue stays flat

Moya Holdings Asia reported on Thursday a 25 per cent jump in its net profit after tax to S$6.9 million for the three months ended Sep 30, 2018, from S$5.5 million the year before.

This, as the company - which is engaged in the investment and development of total water solutions in Indonesia - recorded in large jump in "other gains" to S$8.3 million, from S$1.8 million. It said this was due to foreign-exchange gains and a write-back of a provision for the impairment of trade receivables, due to the recovery of the receivables.

Its revenue stayed flat year-on-year, totalling S$48.3 million in Q3 2018.

Moya Asia's managing director, Irwan A Dinata, said: "With our improved distribution infrastructure, our production has been on a rising trend. Currently, our sales volume has reached 184.4 million m3 (cubic metres), representing a rise of 99.3 per cent from a year ago. Leveraging on the growing business opportunities in Indonesia's water sector, we will stay focused on expanding our water treatment business in Indonesia via two-pronged strategy, organic growth and M&As (mergers and acquisitions)."

Moya Asia shares closed Thursday 0.1 cents down at 6.7 cents.