Moya back in the black with S$2.3m Q4 earnings

WATER treatment company Moya Holdings Asia has posted a net profit of S$2.33 million for the fourth quarter, reversing from a loss of S$380,000 for the same period a year earlier.

Fourth-quarter earnings per share was 0.06 Singapore cent, up from a loss per share of 0.01 cent for the fourth quarter of 2017.

Revenue for the three months ended Dec 31 fell 6 per cent to S$47.3 million, owing to lower service concession construction revenue as well as lower finance income under service concession arrangements from the Tangerang and Bekasi BOT (Build Operate Transfer) projects.

The consolidation of Acuatico Group's water sales in Indonesia into Moya's financials was also hit by currency translation effects, due to the Indonesian rupiah's depreciation against the Singapore dollar during the fourth quarter.

Fourth-quarter Ebitda (earnings before interest, tax, depreciation and amortisation) slipped 2 per cent to S$18.2 million.

Though revenue fell, interest income jumped 194 per cent to S$7.6 million, lifted by a gain on modification of S$6.2 million worth of syndicated loans as a result of decrease in interest rate margin.

For the 2018 full year, Moya made a net profit of S$25.2 million, up more than three times as revenue swelled 43 per cent to S$189.3 million.

Net asset value per share was 6.4 Singapore cents as at end 2018, down from 4.3 cents as at end 2017.

Tamaris Infrastructure, Moya's largest shareholder, is controlled by Indonesian billionaire Anthony Salim.